Ezion

Ezion: DMG believes the stock offers "doubly recession-proof" growth at value multiples. With locked in charters over the next few years, the house sees Ezion delivering 50% recurring earnings growth per year for FY14-15 each. This marks the highest growth in the offshore sector. Beyond FY16, growth would depend on securing new service rig contracts, which it is confident mgt can deliver. The house tips Ezion as its Top Pick in the O&M space, maintains Buy with TP $2.50 (adjusted for post-bonus issue)