UOBKayhian on 13 Jan 2014
Higher revenue primarily due to subsea. Group revenue increased by US$61m (+22%
yoy), primarily due to an increase in revenue of US$60m from the subsea services
business. This can be attributed to: a) a higher number of projects undertaken, and the
value of certain projects had also increased significantly as compared with 1QFY13, b)
additional variation orders arising mainly from projects completed in 1QFY14, and c)
inclusion of revenue from two subsea construction vessels, Lewek Express and Lewek
Centurion, as these vessels were delivered in 4QFY13.
Maintain HOLD. However, we raise our target price from S$1.25 to S$1.49. With the
passing of 2013, we roll forward our valuation by a year. We now peg our target price for
Ezra at 1.0x 2015F P/B instead of 1.0x 2014F P/B. NAV (excluding perpetual securities)
is projected at US$0.99/share (S$1.26/share) and US$1.18/share (S$1.49/share) for
FY14 and FY15 respectively
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