UOBKayhian on 27 Oct 2014
FY14F PE (x): 14.7
FY15F PE (x): 9.5
Revenue increased by 18% yoy to S$1.5b in FY14 due to higher revenue posted by the
subsea segment. Subsea revenue increased to US$1,040b in FY14 from US$797m in
FY13. This offset the lower revenues from the offshore support services (OSS) and
marine segments. Revenue from OSS declined from US$285m to US$260m while
marine revenue fell marginally from US$189m to US$188m. Maintain HOLD with a
lowered target price of S$0.94 which is pegged at 0.7x 2015F P/B vs. 1.0x previously.
Our recommended entry price is S$0.80. Ezra is deep in value, but an earnest
turnaround in share price can only come about when Emas AMC and EOL deliver
strong earnings improvement.
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