UOBKayhian on 8 May 2014
FY14F PE (x): 11.1
FY15F PE (x): 9.2
Excluding 1Q13 excepetional gain, 1Q14 net profit would have risen 62% yoy. Ezion
reported 1Q14 net profit of US$45.2m. Compared to 1Q13 net profit of US$27.9m
(excluding US$18.2m from the divestment of Ezion’s stake in OMSA, the joint venture
that was involved in offshore logisitics for Australia’s Gorgon project), 1Q14 net profit
would have grown by 62% yoy. Maintain BUY and our target price of S$2.62, which is
based on 2015F PE of 11x or 15% premium to the long-term (2004 to current) 1-year
forward PE mean of 9.5x for OSV- owner segment of the oilfield services sector.
No comments:
Post a Comment