Ezion

Ezion: Currently halted. Results slightly below consensus. 1Q Rev at $30.6m +42.3% yoy +12.1% qoq with net profit at $14.1m -37.4% yoy +34.2% qoq. Increase in rev was attributed to contributions from a 3-yr-charter for a self propelled rig in Java Sea and deployment of a 3rd party vessel in support of the Gorgon gas field in Australia. The decline in net profit yoy was due to a one-off disposal gain in 1Q12. Co expects to enjoy higher revenue from Australia with the commencement of the QCLNG project in the 2Q11 and also expects liftboats and jack-up rigs to be deployed. Co will also focus on the investment in service rigs to meet demand from its customers in the oil and gas industry. EPS for 1Q is at 1.71c and annualized P/E is approx 12.0x on a weighted avg basis after its recent issue of 110m shares.