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Old 18-Nov-2009, 05:32 PM
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Old 17-Dec-2009, 12:38 PM
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*DJ Ezra Holdings Target Raised To S$2.54 From S$2.10 By CLSA
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Old 17-Dec-2009, 06:40 PM
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Quote:
Originally Posted by newsman View Post
*DJ Ezra Holdings Target Raised To S$2.54 From S$2.10 By CLSA


Brokers Call

Ezra’s target price raised to $2.54 by CLSA, maintains buy
Written by The Edge
Thursday, 17 December 2009 16:08


CLSA is maintaining Ezra Holdings (5DN.SG) at buy, raising its target price to $2.54 from $2.10 after upgrading its FY10, FY11 earnings forecasts by 10%, 11%, respectively, to factor in higher margins and lower finance costs.

The brokerage says the offshore support services company is “poised to ride the growth in deepwater exploration and surging demand for attendant subsea services” as it will take delivery of three subsea vessels in 2010.
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Old 09-Jan-2010, 12:11 AM
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8Jan10

Ezra expands its Energy Services unit with state-of-the-art equipment

Ezra Holdings Limited (Ezra, the Group or 以斯拉控股), Asia‟s leading integrated support and marine services provider in the offshore oil & gas (O&G) sector, has expanded the capacity of its Energy Services unit with various acquisitions of "distressed‟ priced state-of-the-art energy service equipment worth a total of US$17.1 million.

The acquisition of these equipment, accessories and spares will greatly extend the unit‟s scope of services, making Ezra one of the leading providers of hydraulic workover and well intervention services in Asia. These versatile and advanced models are designed to withstand harsh environments and temperatures as low as -20 degrees Celsius. They can be deployed both onshore and offshore.

Ezra‟s Managing Director, Mr Lionel Lee (黎才德) said: “We have been on the lookout for opportunities to acquire quality assets at attractive prices to drive bottom-line growth. Sophisticated assets such as those that we have just purchased are hard to come by in Asia and will give us an edge in securing more contracts to grow our Energy Services business.”

Approximately three months ago, Ezra acquired a shipset at distressed prices to design and build an ice-class flexlay vessel which would enable the Group to enjoy a considerable premium in charter rates due to the scarcity of such vessels.

In that same month, the Group also raised net proceeds of approximately US$97 million in their inaugural convertible bonds issue which drew overwhelming response from global financial institutions and strategic investors. This capital raising exercise boosted the Group‟s "war chest‟ to fund new business opportunities and acquisitions.

On prospects, Mr Lee commented: “We expect deployment of our fleet and assets to remain high on the back of the positive outlook on the oil and gas industry, driven by firmer oil prices and upward revisions in capital expenditure by global oil majors. We also look forward to the delivery of the self-propelled jack up rigs and subsea-capable vessels which we are confident will propel us well ahead of our peers.”
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Old 11-Jan-2010, 01:37 PM
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Summary: Ezra Holdings Ltd (Ezra) announced that it has expanded the capacity of its Energy Services unit with various acquisitions of “distressed” priced equipment worth a total of US$17.1m. This should extend the unit’s scope of services, and Ezra expects to become one of the leading providers of hydraulic workover and well intervention services in Asia. The first of two self-propelled jack up rigs (liftboats) that are chartered from Ezion will be delivered in the middle of this month and will be going under the Energy division. We understand that the liftboats are able to substitute the use of two to three vessels when providing well intervention services and maintenance of offshore platforms. Other assets should be coming in this year as well, enhancing Ezra’s capabilities. We have a positive outlook on the oil and gas sector as the global economy continues its fragile recovery and oil prices remain high enough to sustain capital expenditure. As Ezra develops its subsea division, we raise our fair value estimate to S$2.54 (prev: S$2.40). Maintain BUY.
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Old 19-Jan-2010, 12:41 PM
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19Jan10

contract again

Ezra accelerates global market thrust with two landmark contracts totalling about US$80m

 Maiden self-propelled jack-up charter contract bagged by Energy Services unit to support an oil supermajor in Africa opens new growth opportunities worldwide

 Another freshly inked well-intervention contract by same unit establishes Ezra as a dominant player in the energy services sector

 Contract wins support Group’s goal to develop its new Deepwater Subsea Services division into another strong pillar of growth

http://info.sgx.com/webcoranncatth.n...df?openelement
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Old 21-Jan-2010, 08:18 AM
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CIMB

What’s on the table
Ezra Holdings Ltd (S$2.52) - Diving into subsea
Maintain Outperform and target price of S$3.08 for Ezra, still based on sum-of-theparts
valuation. Ezra announced that it has been awarded two contracts worth up to
US$80m. The contract wins fall within our expectations, hence no changes to our
earnings estimates or target price. With oil prices stable at US$70-90 per barrel, we
believe Ezra could be a beneficiary of rising demand for supply vessels on the back
of the oil & gas buzz in Australia, India and Brazil. We expect share-price catalysts
from the timely delivery of vessels, further contract announcements and potential
M&As.
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Old 29-Jan-2010, 10:16 AM
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*DJ Ezra Target Raised To S$2.91 From S$2.39 By DMG


(END) Dow Jones Newswires

January 28, 2010 20:44 ET (01:44 GMT)
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Old 03-Feb-2010, 09:33 AM
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*DJ Ezra Raised To Buy From Hold By OCBC


(END) Dow Jones Newswires

February 02, 2010 19:38 ET (00:38 GMT)
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Old 07-Feb-2010, 12:36 AM
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Ezra

Company bought back 39,000 shares ar 2.12
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Old 21-Mar-2010, 08:17 AM
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OCBC Research - Low Pei Han
18 March 2010

Ezra Holdings Ltd

Prospects remain bright
Maintain BUY

Current Price: S$2.48
Fair Value: S$2.88

Stock has performed well. Ezra has rallied about 20% since we upgraded it to a BUY on 3 Feb 2010. In line with our stock picks, it has been one of the best performing offshore marine stocks (+5%) since the start of the year, just behind Keppel Corp (+11%) and Sembcorp Marine (+9%), as illustrated by Exhibit 1. The group is well-positioned in a growing industry with its subsea segment, backed by its offshore support services division. It has also proven that it is able to capitalize
on distressed assets when opportunities arise. As at 14 Jan 2010, the group still had 86% of its S$90.4m net proceeds from its Jun 09 share placement and 81% of its US$97.8m net proceeds from its Nov 09 convertible bonds issue.

Demand for specialised vessels remain high. Demand for medium- to large-sized offshore support vessels are expected to remain strong, especially specialised vessels. According to Infield Systems and Fordsfinans, the market for such vessels
(for construction, maintenance, modification and some for decommissioning purposes) remains promising (Exhibit 2). Though EOC's Lewek Champion (accommodation and construction pipelay barge) charter contract expires this
month, negotiations are underway for charters with various (Indonesian/Chinese) parties.

Oil price stability remains key. With increasing confidence in the global economy's recovery, more upstream projects are coming to the market. In line with our view that oil prices should trade within the US$70-90/bbl range for most of this year (20
Jan 2010 report), oil prices are now hovering around US$82/ bbl along with falling price volatility, which portends well for capital expenditure in the industry. OPEC held its first meeting for the year at Vienna yesterday, and in line with market
expectations, the group is keeping output targets unchanged.
OPEC likely realizes that a stalled global economy due to spike in oil prices will only deal a greater blow to the cartel ultimately.

Maintain BUY. The stock price has continued its steady climb since our earlier reports. Following a review (please refer to 17 Mar sector report), we roll forward our valuation and increase our fair value estimate to S$2.88 (prev. S$2.54) based on blended FY10/11F earnings with unchanged valuation parameters (15x for the offshore, energy and marine business and 8x for EOC's earnings). We maintain our BUY rating on the stock.
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Old 08-Apr-2010, 06:09 PM
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Ezra will report Q22010 earnings on the 9th April post close
Singapore, followed by an analyst briefing. We expect EPS USD
0.03. We reckon current risk-reward is skewing towards the
downside as market expectations on new contracts for the
upcoming newbuilds remain demanding. Recent market bids
from the Petrobras' tenders support our NAV valuation of Ezra.
We maintain SELL recomm with tp SGD/sh 1.20 based on NAV.

• DnB NOR Q2 2010 estimates (Q1 reported in brackets), no
quarterly consensus available (but we are 15% below the
street for 2010 FY): Revenues USDm 90 (61), EBITDA USDm 22
(12), EBIT USDm 19 (10), and EPS SGD 0.029 (0.023). Please see
our sub-segments' estimates below.
• Delivery schedule for upcoming newbuilds in the subsea
segment 1) MFSV Lewek Falcon and 2) Lewek Fulmar are
expected to be delivered by Q2 and Q3 this calendar year. 3) DP3
500-men construction support vessel Lewek Crusader expected
delivery in Q2 this calendar year. 4) 1x chartered-in liftboat from
Ezion in Q2-3 2010 calendar year.
• Look out for contracts of the key newbuilds: MFSV (Lewek
Falcon and Lewek Fulmar) - we are modeling average dayrates
of 50' USD/day for the two vessels (and EBITDA USDm 13-15 per
year), under the assumption that they will operate as offshore
supply vessels (AHTS) instead of subsea vessels. Judging from the
recent market tender with Petrobras, contracts for similar size
vessels are going for 45-60' USD/day, inline with our estimates.
• DP3 500-men construction support vessel Lewek Crusader -
we are modeling average dayrates of 40' USD/day and EBITDA per
year of USDm 3-5. Our estimated rates are lower compared to
similar size construction vessels as this vessel does not have
pipelaying capability and has a smaller crane than competing
barges in the market (such as the LTS 3000, Sapura 3000, Aziz,
and sister vessel Lewek Champion).
• Valuation: DCF valuation - SGD/sh 1.21; NAV valuation - SGD/sh
1.20. 2010 EV/EBITDA of 15x. Our EBIT estimates of USDm 69/85
for 2010/2011 are 15% and 18% below consensus, respectively.
We reiterate that EZRA should be priced inline with offshore supply
companies rather than subsea companies.

Q22010 Preview
DnB NOR estimates (Q1 reported in brackets)
Revenues USDm 90 (61), EBITDA USDm 22 (12), EBIT USDm 19 (10),
and EPS SGD 0.029 (0.023). We are expecting a stronger quarter as the
Marine (yard) and Subsea segments are expected to increase
contributions.

Offshore support services, business as usual
We are expecting revenues USDm 52 and EBITDA USDm 18. We do not
expect major surprises from this segment as the existing fleet is mostly
on term charters, averaging 1-2 years.
Marine services (yard), running down current orderbook
We expect revenues USDm 24 and EBITDA USDm 2, from an estimated
USDm 95 of order backlog from Ezion's three remaining liftboats.
Energy (subsea) services, margins to remain volatile
We expect revenues USDm 14 and EBITDA USDm 1, from the initial
contract recognition of recently awarded contracts - first liftboat Lewek
Leader charter off West Africa, well intervention work (using the energy
services equipment purchased for USDm 17 in Jan), and the ROV IMR
contract announced in Jan this year. Given the project-based nature of
subsea contracts, we expect margins to be volatile and do not expect
supernormal profits on this segment at such relatively early stages.
Delivery schedule for upcoming newbuilds in the subsea segment
1) MFSV Lewek Falcon and 2) Lewek Fulmar are expected to be delivered
by Q2 and Q3 this calendar year. The vessels are currently under
construction at Drydocks World's Pan United Shipyard.

06.04.2010 Q2/2010 Result Preview > EZRA Holdings
3) DP3 500-men construction support vessel Lewek Crusader expected
delivery in Q2 this calendar year, currently at Drydocks World's Labroy
Shipyard.
4) 1x chartered-in liftboat from Ezion in Q2-3 2010 calendar year.
More details on the firmer delivery dates will follow after the Q2 analyst
briefing.
Look out for contracts of the key newbuilds
1) MFSV (Lewek Falcon and Lewek Fulmar) - we are modeling
average dayrates of 50' USD/day for the two vessels (and EBITDA USDm
13-15 per year), under the assumption that they will operate as offshore
supply vessels (AHTS) instead of subsea vessels. Judging from the recent
market tender with Petrobras (please see separate Ezra report on 24
March), contracts for similar size vessels are going for 45-60' USD/day,
which are inline with our estimates. The reason why we did not model the
vessels as subsea is that the required subsea equipment(s) capex to equip
the vessels has not been made yet, lead time is required for delivery.
Even though rates/ contract values (project-based) are higher for subsea
work, we are neutral on the returns as average utilisation levels for
subsea vessels are in general lower.
2) DP3 500-men construction support vessel Lewek Crusader - we
are modeling average dayrates of 40' USD/day and EBITDA per year of
USDm 3-5. Our estimated rates are lower compared to similar size
construction vessels as this vessel does not have pipelaying capability and
has a smaller crane than competing barges in the market (such as the LTS
3000, Sapura 3000, Aziz, and sister vessel Lewek Champion).
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Old 10-Apr-2010, 07:16 AM
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Ezra Holdings says 1H10 profits rise 18% to US$28.8m
By Georgina Joseph | Posted: 09 April 2010 2237 hrs


SINGAPORE: Marine services provider Ezra Holdings said its half year net profit rose 18 per cent on year to nearly US$28.8 million.

It was lifted by its Marine division which saw higher procurement equipment supply and engineering activities in Vietnam.

But revenue for the first half to February fell 23 per cent to US$135.4 million.

Ezra Holdings said the decline in revenue was due to a redeployment of vessels and repair and maintenance work on some vessels.

The contribution from its Deepwater Subsea arm also decreased due to the completion of a major drilling project.

Going forward, Ezra said it's optimistic about the future in tandem with the improving conditions in the oil and gas industry.

It plans to strengthen its presence in West Africa and the Gulf of Mexico, as well as break into the Brazil market.

Lionel Lee, managing director, Ezra Holdings, said: “We don't have enough assets to diversify and put straight into Brazil. We need to build new assets so we will be trying to deploy some assets there later on. And that's one of the main reasons why we're looking at acquiring some assets from the Gulf so that we can deploy them into Brazil as well.”

Ezra said with the acquisition of a 19.9 per cent stake in Malaysia's Perisai Petroleum Teknologi, the company will now be able to do the full range of subsea construction in the country. - CNA/vm
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Old 10-Apr-2010, 12:27 PM
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EZRA HOLDINGS LIMITED
(Company Registration Number: 199901411N)
ACQUISITION OF APPROXIMATELY 19.9% IN PERISAI PETROLEUM TEKNOLOGI BHD BY HCM LOGISTICS LIMITED
Pursuant to Rule 704(15)(a) of the Listing Manual of the Singapore Exchange Securities Trading Limited (the “Listing Manual”), the Board of Directors of Ezra Holdings Limited (the "Company") wishes to announce that its wholly-owned subsidiary, HCM Logistics Limited (“HCM”) has entered into a share purchase agreement dated 9 April 2010 (the "Share Purchase Agreement") with four vendors, being Nagendran C Nadarajah, Renata De Raj, Maya Terang Sdn Bhd and Devarajah C Navaratnam (collectively, the “Vendors”), for the acquisition of an aggregate of approximately 19.9% in Perisai Petroleum Teknologi Bhd (Registration No. 632811-X) (“Perisai”) by HCM (the transaction, the “Acquisition”).
Pursuant to the Share Purchase Agreement and subject to the conditions precedent therein, HCM shall acquire an aggregate of 132,000,000 Perisai Shares at M$0.485 each, in the following proportion:
Vendor
Number of Perisai Shares to be Sold
Consideration
Nagendran C Nadarajah
49,939,181
M$24,220,503
Renata De Raj
10,000,000
M$4,850,000
Maya Terang Sdn Bhd
66,075,745
M$32,046,736
Devarajah C Navaratnam
5,985,074
M$2,902,761
Total
132,000,000
M$64,020,000
Perisai is a company limited by shares incorporated in Malaysia. Perisai has, as of the date of the Share Purchase Agreement, an authorised share capital of M$100,000,000 consisting of 1,000,000,000 ordinary shares of M$0.10 each (“Perisai Shares”), of which 662,400,000 Perisai Shares have been issued, are fully paid-up and are listed on the Bursa Malaysia Securities Berhad.
As all of the relative figures computed on the bases set out in Rule 1006 of the Listing Manual amount to less than 5%, the Acquisition falls under the category of “Non-Discloseable Transactions” under Rule 1008 of the Listing Manual. As required under Rule 1008(2), the Company wishes to disclose the following information:
(a) The aggregate value of the total consideration is M$64,020,000, which was arrived at on a willing buyer-willing seller basis, taking into consideration the market price of Perisai Shares on the market day preceding the date of the Share Purchase Agreement. The Acquisition will be funded from the proceeds from the Company’s 4.0% convertible bonds due 2014, and the consideration will be satisfied in cash upon completion.
(b) Perisai is a listed company on the Bursa Malaysia Securities Berhad. Perisai Shares have traded in the range of M$0.42 to M$0.63 for the 180-day period preceding this announcement
2
and the volume weighted average price for Perisai Shares on 8 April 2010, the market day preceding the date of the Share Purchase Agreement, was approximately M$0.51. On 9 April 2010, the Perisai Shares closed at M$0.54.
HCM has also separately entered into a call option agreement with Zainol Izzet Bin Mohamed Ishak (“Izzet Ishak”) dated 9 April 2010 (the “Call Option Agreement”), pursuant to which HCM has agreed to grant to Izzet Ishak or his nominee a call option over 66,000,000 Perisai Shares held by HCM (the “Call Option”). The Call Option was granted by HCM for a consideration of the payment of (i) the sum of M$1.00 and (ii) a fee calculated at a rate of 4.5% per annum of the aggregate call option price, calculated based on M$0.485 per option share, payable on a 12-month basis. The validity period of the Call Option will commence on the completion of the Acquisition and end on (and including) the date falling two years after the completion of the Share Purchase Agreement, unless extended for a further one year period by the mutual agreement (in writing) of HCM and Izzet Ishak.
The Acquisition is not expected to have a material effect on the net tangible assets per share or earnings per share of the Company for the current financial year.
None of the directors or substantial shareholders of the Company has any interest, direct or indirect in the Acquisition.
BY ORDER OF THE BOARD
David Tan Yew Beng
Company Secretary
9 April 2010
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Old 10-Apr-2010, 12:39 PM
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Ezra reports healthy 17% growth in 1H FY10 PATMI to US$28.8m; signs contracts worth US$79m



 Revenue down 23% due to offshore support vessels in transition to new
charters and the nature of deepwater subsea work
 Steady flow of contracts clinched for all three core divisions reflects
solid demand for the Group’s services
 Ezra expects fleet to be fully deployed on firm rates as it extends its
reach in the deepwater segment


SINGAPORE, 09 April 2010 FOR IMMEDIATE RELEASE

Ezra Holdings Limited (Ezra, the Group or 以斯拉控股), one of the world’s leading
integrated support and marine services provider in the offshore oil & gas sector, posted a
healthy 17.5% year-on-year (yoy) growth in net attributable profit (PATMI) to US$28.8
million for its first half year ended 28 February 2010 (1H FY10).
The Group also announced that its three core businesses had concluded new contracts
worth US$79 million, reflecting the still firm demand in the offshore oil & gas sector.
Ezra’s Offshore Support Services (OSS) division clinched new and renewal charters for
Anchor Handling, Towing and Supply (AHTS) vessels while the Marine Services (MS) arm
was awarded a US$50 million engineering and fabrication contract. The Deepwater Subsea
Services (DSS) division’s Energy Services unit also recently won a drilling and wellintervention
contract, its second award which will utilise the state-of-the-art equipment
Ezra bought at distressed prices in January this year.
Commenting on the steady flow of contracts, Mr Lionel Lee (黎才德), Managing Director
of Ezra, said: “The strong demand for our comprehensive range of sophisticated vessels,
equipment and services is backed by high oil prices and higher capital expenditure coming
through from the world’s oil majors. We will continue to focus on extracting more value
from all our assets and expanding our capabilities, especially our reach in the deepwater
segment.”

Group revenue declined 23% yoy to US$135.4 million in 1H FY10 due to the differing
nature of projects undertaken by the DSS arm and as a number of its offshore support
vessels were in transition to undertake their new charters. This was partially offset by
higher procurement, equipment supply and engineering activities of the MS division.
“We were busy preparing these vessels to meet our clients’ needs under the new charter
contracts, with some undergoing repair, maintenance and refurbishment. A few of them
were deployed on short term contracts. These vessels are now fully deployed and we
expect our fleet to continue enjoying high utilisation on firm rates.”
The Group achieved strong operating cashflow of US$11.7 million in 1H FY10, a vast
improvement from the US$0.3 million achieved in the previous corresponding period.
Ezra’s balance sheet remains healthy with a net debt to equity ratio of 0.5 times as at 28
February 2010 (0.3 times as at 31 August 2009) and an interest cover of 7.5 times (7.7 times
in 1H FY09).

Ezra recently added platform supply vessel Lewek Aries and AHTS vessel Lewek Merlin to
its fleet, bringing the total number of offshore support vessels under its management and
operation to 31. The Group expects its three subsea-capable vessels to be slightly delayed
due to further upgrading work customized for potential clients. Its two Multi-Functional
Support Vessels under construction will be delivered in August 2010 and March 2011
respectively, while the deepwater subsea construction vessel will arrive in August 2010.
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Last edited by xfactor; 10-Apr-2010 at 12:55 PM.
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Old 12-Apr-2010, 11:32 AM
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Ezra Holdings: S$2.55
BUY (TP: S$2.80)

Lower EPS and TP on vessel delays, retain BUY.

Disappointing 2QFY10 results; cut EPS forecast on vessel delays. 2QFY10 net
profit of US$10m fell 31% YoY, 41% QoQ, as revenue and margin were
negatively affected by transition of vessels to new charters and absence of
high value deepwater subsea services (DSS) projects. 1HFY10 net profit of
US$29m (+17% YoY) was below expectation, accounting for 32-34% of our
full-year forecast and consensus estimates. We cut our core net profit for
FY10F by 11% and FY11F by 8% to reflect the delay in delivery of the
multi-function support vessels (MFSVs) by six months and lower job
replenishment for DSS division. Following our earnings revision, we cut our
TP by 5% to S$2.80.

Stock could still trade upwards on sector upturn. Despite our EPS and
target price cuts, we continue to believe in the franchise value and growth
prospect of the company. We think recent asset acquisitions from distressed
sellers are long term value-add and demand for Ezra’s offshore services
remains strong, evident from YTD contract wins of US$171m, which is 52% of
FY09 revenue. Valuation at 16x FY10 P/E and 12x FY11 P/E is still
undemanding given its position as one of the leading oil and gas service
providers in the region. In the last sector upturn, Ezra traded up to
20-25x forward P/E.

Strategic stake in Perisai positive for Petronas-related jobs. Ezra entered
into an agreement to buy 19.9% stake in Perisai, a Malaysian-based oil and
gas company, for RM64m (S$28m). The acquisition price of RM0.485/share
values Perisai at 1.3x P/B and 8x FY10 P/E on consensus forecast.
Additionally, Ezra granted a 2-year call option to Zainol Izzet, ex-CEO of
SapuraCrest, to buy 66m shares in Perisai. We view the deal positively as
it enables Ezra to enhance its position in Malaysia and bid for
Petronas-related jobs.

Maintain BUY with lower TP at S2.80. We retain our BUY rating on Ezra with
a lower SOTP-derived target price of S$2.80 (previously S$2.96). On our
revised earnings, share price now trades at 16x FY10 P/E and 12x FY11 P/E.
Key re-rating catalysts are: (1) stronger earnings in 2HFY10 on expanded
fleet (from 29 to 31 vessels) and full deployment of vessels; (2) positive
news flow on job awards for DSS and marine as oil price looks sustainable
above US$70/bbl.
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  #17  
Old 28-Apr-2010, 06:38 AM
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Enzer sees net profit of S$610,000 on back of sell-off
By Travis Teo | Posted: 27 April 2010 2138 hrs


SINGAPORE: Catalist-listed Enzer Corporation returns to the black when it posted full year net profit of S$1.39 million boosted by income from its discontinued operations.

This is a turnaround from the net loss of S$4.5 million the company posted in the same 12 months period ended March 31 a year ago.

Enzer said the discontinued operations, which contributed S$2.32 million, resulted from the liquidation of foreign subsidiaries and a write-off of its liabilities.

Meanwhile, group revenue for the full year declined 76 per cent to S$121,000.

According to Enzer, this is due to lower demand in audio equipment and accessories following a weaker economy.

Going forward, the electronic products and components distributor expects the business environment to remain competitive and challenging in the next financial year.

However, it added that the company is reviewing different business opportunities and will make announcements when appropriate. - CNA/vm
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  #18  
Old 02-Jun-2010, 08:56 AM
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Ezra strengthens foothold in African market with new US$80m contract for fabrication


 Ezra clinches major deal with international O&G offshore engineering and construction firm
 Contract win reinforces Ezra’s position as a leading global offshore integrated solutions provider


SINGAPORE, 01 June 2010 FOR IMMEDIATE RELEASE
Ezra Holdings Limited (Ezra, the Group or 以斯拉控股), one of the world’s leading integrated support and marine services providers in the offshore oil & gas (O&G) sector, has strengthened its foothold in the African market by bagging a new contract worth up to US$80.0 million.
This contract will see Ezra fabricate and deliver an offshore accommodation structure for an international O&G offshore engineering and construction company to be deployed for a major oil and gas player. The accommodation structure will be manufactured by the Group’s fabrication and engineering services base in Vietnam.
Mr Lionel Lee (黎才德), the Managing Director of Ezra, said: “We expect this contract to contribute positively to earnings. Not only is it our second major win since we deployed our maiden self-propelled jack-up in Africa early this year, it is also a significant milestone for the Group as it affirms the engineering capability of our yards and reinforces our position as a leading global offshore integrated solutions provider.
“We continue to see robust demand for offshore O&G support services, backed by renewed capital expenditure on exploration and production. We are committed to extending our global reach and will continue to actively bid for more contracts, especially in fast-growing markets such as the African and North American offshore sectors.”
In January this year, the Group first gained a firm foothold in the rapidly expanding African offshore O&G market through a maiden self-propelled jack-up contract won by its energy services unit, which forms an integral part of its new deepwater subsea services division. Under this contract, Ezra will charter and operate the vessel, providing various offshore services to support an oil supermajor.
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  #19  
Old 02-Jun-2010, 01:53 PM
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Ezra Holdings (EZRA SP) BUY
Price/Tgt: $1.68/2.60 Mkt Cap: US$799.5m
Daily Vol: US$11.0m 1-Yr Hi/Lo: S$1.10/2.63

New US$80m contract brings Marine Services order book to US$200m
Analyst: Stella Tan/ Nancy Wei Tel: +65 6590 6629 / +65 6590 6628

Event:
Ezra Holdings announced a new US$80m contract that will see its Vietnam
yard fabricate and deliver an offshore accommodation structure to its
customer for use in the African market.

Impact:
Management has confirmed that the new contract takes total order book up to
US$200m, and expects the new contract to be recognized over approximately
two years. Management guidance on gross profit margin for the contract is
for it to fall between 16% and 20%, in line with the margin trend for the
Marine Services segment. We have made no changes to our current forecast,
as the value of the new contract is well within our contract win assumption
of US$130m for the year.

We view the contract win as a strong testament to the yard's fabrication
capabilities, as both the Ho Chi Minh and the Vung Tau yards are still in
ramp-up mode at present. The Ho Chi Minh yard has just added a second
rotational shift not too long ago, and the Vung Tau yard has just started
operations this year.
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  #20  
Old 15-Jun-2010, 11:45 AM
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Red face Ezra

Ezra:

DBS Vickers upgrades Ezra to Buy from Hold on attractive valuations noting supplier of offshore & marine vessels building up warchest to over US$300m in preparation for possible acquisitions.

This could be a positive share price catalyst should any acqn be earnings accretive or enhance the group's capabilities.

But trims target price to $2.50 after reducing FY10-11 recurring earnings forecasts by 5% to account for associate EOC's potentially weak 3Q10 performance due to maintenance downtime on 1 of its vessels as well as under-utilization of its barge.

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  #21  
Old 12-Jul-2010, 10:06 PM
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Ezra posts 37% rise in net profit to $35.5m for 3Q

Written by The Edge
Monday, 12 July 2010 17:39
Ezra Holdings, the integrated support and marine services provider in the offshore oil & gas (O&G) sector, posted a 37% higher year-on-year (yoy) net attributable profit (PATMI) of US$25.7 million ($35.5 million) for the three months ended 31 May 2010 (3QFY10), supported by its diversified earnings base.

Group revenue rose by 82% y-o-y to US$108.8m, largely from the Marine Services Division which benefitted from an increase in procurement and equipment supply and engineering activities in Vietnam. This fabrication and engineering services base recently clinched two contracts worth up to US$130 million, one of which is to build an offshore accommodation structure for use in the fast expanding African offshore O&G market.
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  #22  
Old 13-Jul-2010, 10:21 AM
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Ezra Holdings: BUY; S$1.81; Bloomberg Code: EZRA SP
Delivering as expected

Price Target : S$ 2.50

by: Jeremy THIA +65 6398 7974 jeremythia@dbsvickers.com


At a Glance
Ezra’s 3Q10 results were in line; weak results from EOC but within expectations.
Near to mid term catalysts include potential contract awards and opportunistic acquisitions.
FY10/11 earnings forecasts kept intact. Maintain BUY on Ezra with 38% upside to TP of S$2.50.
Comment on Results
Ezra’s 3Q results were in line. Revenue of US$108.8m, +82% y-o-y, was driven primarily by the Marine Services division, on the back of lumpy orderbook recognition and increase in procurement revenue. Revenue contributions from Offshore Support division rebounded 33% q-o-q to US$48.4m in 3Q10 as vessels that were under repair/in transition between contracts in the previous quarter resumed operations. Gross margins dipped 6.3ppt y-o-y to 30.5%, but improved 5.2ppt q-o-q as vessels resumed operation and a higher proportion of higher-margin engineering revenue was booked in the period. Headline net profit came in at US$25.7m (+37% y-o-y); stripping out exceptionals, we estimate recurring 3Q10 net profit to be US$17.6m.

Weak performance from associate, EOC, was within expectations. This was due to c. 3 months transition period for Lewek Champion and Lewek Chancellor between jobs, and c.1.5 months maintenance downtime on Lewek Arunothai FPSO. All 3 vessels have resumed operation since late May/early June.

Recommendation
Outlook. We estimate that c. 98% and 62% of our FY10/11 Marine Services revenue forecast for Ezra is backed by an estimated outstanding fabrication orderbook of c. US$170m as end 3Q10. In the near to medium term, we are optimistic on 1) potential award of assembly work relating to Ezion’s fifth liftboat, estimated to be worth c. US$25m; 2) more opportunistic acquisitions; and 3) award of contracts for newbuild vessels.
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  #23  
Old 16-Aug-2010, 07:12 PM
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Quote:
Originally Posted by JackBauer View Post
Ezra's channel magic. Now sitting on channel support.

Ezra also broke the uptrend channel. But volume still low.

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  #24  
Old 16-Aug-2010, 07:28 PM
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Jack,

Noted your chart...looking at 1.60 to buy again.

Quote:
Originally Posted by JackBauer View Post
Ezra also broke the uptrend channel. But volume still low.

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  #25  
Old 16-Aug-2010, 08:01 PM
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Quote:
Originally Posted by Liu6883 View Post
Jack,

Noted your chart...looking at 1.60 to buy again.
Ah Liu, noted.. You mean can torpedo until 1.6...
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  #26  
Old 16-Aug-2010, 08:19 PM
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Jack,

Give EZRA 2 weeks....

Quote:
Originally Posted by JackBauer View Post
Ah Liu, noted.. You mean can torpedo until 1.6...
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  #27  
Old 28-Aug-2010, 07:49 PM
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Ezra

Legg Mason sold below the 5% mark but still have 4.8% or 31,888,600 shares
Do they know something the market is unaware of?

Is the market trying to tell us something is amiss in the offshore industry with a no of marine stocks struggling to stay afloat

TA wise...

Macam a clear head and shoulders.
Further more it fell off the support of the lower trendkine to close at 174

174 happens to be the neckline. It is imperative that ut should close above 179

A break of 174 may see it testing 170, then retesting support at 163/164

Attachment 4860
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  #28  
Old 31-Aug-2010, 01:05 PM
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Singapore’s Ezra to raise $$155.26 million in rights issue

Written by Thomson Reuters
Tuesday, 31 August 2010 12:50

Singapore energy services firm Ezra Holdings (EZRA.SI) said on Tuesday it will raise $155.26 million in a 1-for-5 rights issue.

The firm said it was offering up to 142.7 million new shares at $1.18 each, a 33% discount to Monday's closing price. It said the proceeds may be used to finance new investments and acquisition of vessels.
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  #29  
Old 31-Aug-2010, 01:36 PM
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Erza....

Charts don't lie...

ang mios knows something we don't...

170 here we comes

Quote:
Originally Posted by xfactor View Post
Ezra

Legg Mason sold below the 5% mark but still have 4.8% or 31,888,600 shares
Do they know something the market is unaware of?

Is the market trying to tell us something is amiss in the offshore industry with a no of marine stocks struggling to stay afloat

TA wise...

Macam a clear head and shoulders.
Further more it fell off the support of the lower trendkine to close at 174

174 happens to be the neckline. It is imperative that ut should close above 179

A break of 174 may see it testing 170, then retesting support at 163/164

Attachment 4860
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Trade with TA and invest with FA
Don't hate a stock and never fall in love with a stock

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  #30  
Old 31-Aug-2010, 01:52 PM
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Boss,

This is so obvious lah....

Quote:
Originally Posted by xfactor View Post
Erza....

Charts don't lie...

ang mios knows something we don't...

170 here we comes
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