Ezra

Ezra: CIMB note that Investors should look beyond 4Q12 to focus on FY13 as Ezra is on track to deliver 125% earnings growth. The growth would be led by better subsea utilisation, a recovery in day rates for its offshore division and stronger orders for niche self-elevating units, benefiting Triyards. Overall, maintain outperform and target price, still at $1.38, 12x CY13 P/E (5-yr mean for small/mid-cap industrials). House reduce FY12 EPS by 5% to account for lower offshore margins in 4Q12. Nevertheless, catalysts are still expected from stronger-than-expected orders and margins.