Ezra

Ezra: CLSA reiterate Buy with $2.10 TP. Note that house has greater confidence in the growth potential of grp’s subsea business after roadshow in Europe. Management’s expectation of 50% revenue cagr in the nx 3yrs suggests upside potential to order f/casts, especially in view of tight subsea capacity to 2014. Add that grp well-positioned to benefit as its capex program is largely complete.