Ezion: +2.5% at $0.745 with heavy volume, still benefiting from yesterday’s JV news with Germany's BBC Chartering for ownership of multi-purpose vessel. Following Kim Eng’s Buy Call with TP of $0.99, OCBC maintains Buy rating with TP of $0.82, remains positive on grp’s development as it paves the way for larger contracts going forward, if execution is smooth…..
Raises fair value to $0.82 from $0.79 after tweaking FY11 earnings to account for deal; tips FY11 net profit of $56.7m on rev of $151.1m. Orderbook quotes suggest strong resistance at $0.75 for now.
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