Ezion Holdings Ltd

07 May 2014 Ezion Holdings Ltd Overweight EZHL.SI, EZI SP Steady 1Q14 earnings, but vessel delays offset by better rates for other vessels Price: S$2.25 Price Target: S$2.75 Singapore Oil Services & Equipment Ajay Mirchandani AC (65) 6882-2419... More

07 May 2014 Ezion Holdings Ltd Overweight EZHL.SI, EZI SP Steady 1Q14 earnings, but vessel delays offset by better rates for other vessels Price: S$2.25 Price Target: S$2.75 Singapore Oil Services & Equipment Ajay Mirchandani AC (65) 6882-2419 ajay.mirchandani@jpmorgan.com Bloomberg JPMA MIRCHANDANI <GO> J.P. Morgan Securities Singapore Private Limited YTD 1m 3m 12m Abs 1.4% 6.6% -1.3% 5.1% Rel -0.5% 5.3% -8.7% 9.4% Ezion Holdings Ltd (Reuters: EZHL.SI, Bloomberg: EZI SP) $ in mn, year-end Dec FY11A FY12A FY13A FY14E FY15E Revenue ($ mn) 107 159 282 559 555 Net profit (reported) ($ mn) 58 80 160 233 257 Net Profit (rec) ($ mn) 47 65 133 225 250 EPS (reported) ($) 0.06 0.07 0.13 0.18 0.20 EPS (recurring) ($) 0.05 0.06 0.11 0.17 0.19 P/E (Recurring) 36.3 30.6 16.2 10.6 9.5 P/BV (x) 6.4 4.4 3.1 2.2 1.8 EV/EBITDA 45.9 38.1 19.9 9.0 8.1 ROE 19.8% 15.8% 19.7% 22.7% 19.2% Net debt to equity 35.2% 75.5% 115.0 Less