Gorgon clears state government regulatory hurdle. It was reported this week that the Western Australian government has granted final state government's environmental approval for the Gorgon project, with the Australian Federal government's approval as the final regulatory hurdle remaining. This is a positive development, as the Gorgon project has been delayed several times in the past years. We believe that the Federal government's approval is a formality, and the market's anticipation of this news could be a near term price catalyst.
Earnings risks still exist, albeit reduced. While this Gorgon project development has reduced a major earnings risk to Ezion, we note that two of the group's four liftboats are still under MOUs. While Ezion has a firm bareboat charter contract with Ezra Holdings for the other two liftboats, the latter has yet to announce firm time charter contracts for these vessels and may still request for vessel delivery delays.
Better-than-expected 2Q09 results. Ezion's recurring net profit came in at S$4.5m (+103% y-o-y) in 2Q09, on revenues of S$21.1m (+195% y-o-y), mainly due to an expanded vessel fleet. The outperformance vs. our estimate of S$3.5m is attributable to greater contributions from the Marine Services division and lower than expected start up costs for the Gorgon project. We have hence raised our FY09 recurring net profit forecast by 18% to S$15.0m to factor in these deviations.
Raising fair value to S$0.94; maintain BUY. On the back of lowered earnings risk from the recent positive newsflow on the Gorgon project, we have pegged Ezion＊s TP to a higher 12x recurring FY10 PE (prev 10x), raising it to S$0.94. Maintain BUY.
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| 25-Sep-2009 11:02 |
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Ying Li
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Should be right issue or placement. Quite common recently. | ||||||||||||||||||||||||||||||||
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| 25-Sep-2009 10:49 |
Ezion
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BB accumulating at $0.875 , the support level. | ||||||||||||||||||||||||||||||||
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| 25-Sep-2009 10:40 |
Ezion
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Strong support at $0.875. Once break thru resistance of $0.90, next level will be at $0.95 |
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| 25-Sep-2009 10:23 |
Ezion
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Ezion Holdings: Positive development for GorgonMonday, August 31, 2009 |
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| 25-Sep-2009 09:32 |
Ezion
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Strong buying interest reaching $0.9 soon.
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| 25-Sep-2009 09:24 |
Ezion
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Heavy buying , reaching TP:$0.90 soon
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| 25-Sep-2009 09:17 |
Ezion
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Kim Eng Securities Target Price 1) Ezion Holdings – Initiation (Rohan Suppiah 6432-1455) Previous day closing price: $0.77 Recommendation: Buy Target price: $0.99 Reaching target soon: $0.99 |
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| 25-Sep-2009 09:01 |
Ezion
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Should hold although may have minor correction. Expecting good new announcement any time from now. |
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| 24-Sep-2009 16:52 |
Ezion
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Look likely to cross $0.9 tmr. | ||||||||||||||||||||||||||||||||
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| 24-Sep-2009 16:44 |
Ezion
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Good News on the way,that way BB buying up. Take note for retail/small investor, good buying opportunity b4 the announcement. |
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| 24-Sep-2009 16:29 |
Ezion
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"Trade Summary" at this point in time shows more buying-up despite mild profit-taking which are well-absorbed with buying on dips, |
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| 24-Sep-2009 14:57 |
Ezion
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BB pushing it with heavy buying. May cross $0.9 today and hit TP:$0.99 soon | ||||||||||||||||||||||||||||||||
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| 24-Sep-2009 14:38 |
Ezion
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Kim Eng Securities Target Price 1) Ezion Holdings – Initiation (Rohan Suppiah 6432-1455) Previous day closing price: $0.77 Recommendation: Buy Target price: $0.99 Reaching target soon: $0.99 |
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| 24-Sep-2009 14:27 |
Ezion
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Reaching $0.9 soon with heavy buying up.
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| 24-Sep-2009 14:26 |
Ezion
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Heavy buying, should buy b4 it reach $0.9
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| 24-Sep-2009 14:24 |
Ezion
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A few brokerage house cover with buy. TP: $0.99. |
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| 24-Sep-2009 13:23 |
Ezion
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The fair value of Ezion is about $0.94 which currently is already quite near to that price. However, the Gorgon Project is name as the "middle east" in Australia which holds a substaintial amount of the world natural gas. |
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| 24-Sep-2009 11:58 |
Ezion
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May halt trading for announcement | ||||||||||||||||||||||||||||||||
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| 24-Sep-2009 11:47 |
Ezion
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Market rumour is that Ezion has secured the big Gorgon project. Announment coming soon. Congru to these who vest |
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| 24-Sep-2009 11:29 |
Ezion
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Heavy buying volume. May be good news coming. |
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