Ezion

Ezion: Gulf Marine Services’ (GMS) recent listing in London suggests Ezion is still attractively priced. Given the infancy of liftboat adoption in Asia and Middle East, where penetration rate is still low, Maybank KE views that prospect of competition are unfounded. Ezion, the first mover and largest player in SEA has been creating its own demand and would continue to do so as it expands its sphere of influence. Recently listed Abu Dhabi-based liftboat, GMS, last traded at implied valuations of about 11.7x FY14e P/E and 2.5x FYe P/B, Ezion still looks more attractive in comparison. And with the latter’s share price at 13% off its high of $2.43 on 22 Jan 2014, Maybank KE thinks the time is right to accumulate the stock. Maybank KE reiterates Buy with TP slightly shaved to $2.90 from $3.00