EZRA: DBSV maintains Buy, although cuts TP to $1.68 from $2.20. Cite that now is a Buying Opportunity. Ezra now trades at 1.06x P/BV and 9.9x FY12 PE, close to -1SD from its historical averages. House believe the sell down offers investors a buying
opportunity, with grp expected to post sequentially improved earnings.
Catalysts include subsea order wins, which would also serve to raise investors’ confidence on EMASAMC combination. Order win momentum encouraging, and expect EMAS-AMC to turnaround in 1-2 quarters. Together with expected improvement in subsea fleet utilisation, expect AMC to breakeven within the next 1-2 quarters.
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