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Ezra

Peter_Pan
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15-Jan-2013 19:01

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OCBC Investment Research downgraded Ezra Holdings to ‘hold’ from ‘buy’ and kept the target price at $1.30, after the offshore services firm reported weak quarterly earnings.

At 11:29 a.m., Ezra shares were down 4% at $1.20, but have gained around 5% since the start of the year, compared to the FTSE ST Oil & Gas Index’s 1.8% rise.

Ezra’s net profit for the three months ended November fell 49% to US$6.8 million ($8.3 million) from a year ago, hurt by higher administration expenses and lower profits from associated companies.

OCBC estimates that Ezra’s core net profit for the quarter was around US$4.3 million, below its expectations and 16% lower than a year ago.

However, OCBC expects Ezra to see a pick-up in the second half of the year, as margins in the subsea business improve and as the division sees estimated new order wins of about US$925million in fiscal 2013.

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Listing
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15-Jan-2013 18:43

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There's talk of seeing 1.10...

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susan66
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15-Jan-2013 18:42

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I've had a nice ride from $1.145 to $1.32. Luckily taken profit in time. Wait for the next ride.

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Peter_Pan
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15-Jan-2013 18:28

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Big fishes continue to depress the price today. See how far they are able to go. Those holding the stock should not be intimidated by their actions these few days unless you have to let go for certain reasons.

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Listing
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15-Jan-2013 12:24

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Some say 1.17-1.18 but others more siong... Say 1.10!!! I'll wait and see to enter... No hurry!!!

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stocksburntme
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15-Jan-2013 12:20

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Still not cheap enough Smiley

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brenocav
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15-Jan-2013 11:39

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I sold my lots. Still made some profit but could've been better

matrixxx ( Date: 15-Jan-2013 11:19) Posted:

Follow the stock direction.

The market is always right

matrixxx ( Date: 14-Jan-2013 02:58) Posted:

Now is just need to pray that poor results market will be forgiving.......

Lets prepare to re-adjust longing position or better still, go reverse way. Just heed the market direction if the U-turn is really fast and furious.

At the very least i have warned, now that more ppl can get to know what is going on instead of still wandering what is happening to the stock if she keeps dropping more in a few hours time.

Really need to understand that 2 black decent size candles with decent volume is already a very good sign that the " insider, big boys, OHL" has already sold with good profit to the poor average " joe, auntie & uncle.

From Jesse Livermore: Do not average down if a stock has fallen, double short instead for a better profit reward.

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matrixxx
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15-Jan-2013 11:19

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Follow the stock direction.

The market is always right

matrixxx ( Date: 14-Jan-2013 02:58) Posted:

matrixxx ( Date: 14-Jan-2013 02:45) Posted:

PUBLISHED JANUARY 12, 2013
Q1 profit of Ezra's EOC unit hit by revenue plunge
BY ANGELA TENG PRINT |EMAIL THIS ARTICLE

EOC Ltd, an associate company of Ezra Holdings, recorded a 91 per cent year-on-year plunge in profit to US$747,000 for the first quarter ended Nov 30, 2012.
This came as revenue for the three months plummeted 83 per cent to US$10.53 million. There was no revenue contribution from the vessel Lewek Arunothai in Q1 FY2013 as the contract with the client was concluded on Nov 28, 2011. There was also no one-off project revenue contribution in Q1 FY2013 as compared with a construction project undertaken in Papua New Guinea in Q1 FY2012 which contributed US$24.8 million in revenue, said EOC, a provider of offshore construction and production vessels and services.
Earnings per share were 0.67 US cent, down from 7.64 US cents a year earlier. Gross profit in Q1 was US$5.78 million, down 62 per cent from the US$15.1 million a year ago.
To position itself for expansion, EOC intends to capitalise on the buoyant market for offshore construction and production services.

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brenocav
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15-Jan-2013 11:00

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Eeeck 1.205... Is it time to sell?? :|

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stocksburntme
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15-Jan-2013 10:23

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Still not cheap enough Smiley

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brenocav
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14-Jan-2013 22:44

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Surge in Revenue, that's true -- but what good is high revenue is your net profit drops 49%

$6.8 million is nothing to be excited about when estimated were around $80 million...

ah.wei ( Date: 14-Jan-2013 21:26) Posted:

Ezra starts FY13 with 54% surge in revenue and 44% jump in gross profit

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ah.wei
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14-Jan-2013 21:26

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Ezra starts FY13 with 54% surge in revenue and 44% jump in gross profit

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NICHOLASCHUA
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14-Jan-2013 21:21

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All the best, Mr Tony. Let's see it unfold tomorrow.

tonylim ( Date: 14-Jan-2013 21:10) Posted:

Hope I am right for the third time on this counter. Will prove to be a winner again for me

NICHOLASCHUA ( Date: 14-Jan-2013 21:07) Posted:

Would this be a good opportunity to enter then, given the optimism?

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tonylim
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14-Jan-2013 21:10

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Hope I am right for the third time on this counter. Will prove to be a winner again for me

NICHOLASCHUA ( Date: 14-Jan-2013 21:07) Posted:

Would this be a good opportunity to enter then, given the optimism?

tonylim ( Date: 14-Jan-2013 19:31) Posted:

Thanks, Peter .Boosted confidence now with the info you provide

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NICHOLASCHUA
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14-Jan-2013 21:07

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Would this be a good opportunity to enter then, given the optimism?

tonylim ( Date: 14-Jan-2013 19:31) Posted:

Thanks, Peter .Boosted confidence now with the info you provide.

Peter_Pan ( Date: 14-Jan-2013 19:13) Posted:

Below report is from CIMB Outperform Target Price $1.45.

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tonylim
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14-Jan-2013 19:31

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Thanks, Peter .Boosted confidence now with the info you provide.

Peter_Pan ( Date: 14-Jan-2013 19:13) Posted:

Below report is from CIMB Outperform Target Price $1.45.

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Peter_Pan
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14-Jan-2013 19:13

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Below report is from CIMB Outperform Target Price $1.45.

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Peter_Pan
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14-Jan-2013 18:50

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Higher taxes but operational

progress

Higher-than-expected tax expenses were behind Ezra’s

lower-than-expected 1Q13 results. Still, Ezra made good progress

operationally with the successful execution of subsea projects and an

offshore turnaround at higher margins. Maintain Outperform.

1Q13 core EPS forms 8% of our FY13

estimate (46% below forecast and,

consensus), dragged down by

higher-than-expected taxes. We cut

our FY13-14 EPS by 5-7% for higher

tax charges. Our target price, still at

12x CY14 P/E (5-year mean of

small/mid-cap industrials), dips

accordingly. Catalysts could come

from a stronger 2H13.

Higher taxes

We expect lumpy tax charges for

1H13, factoring in the effects of

withholding taxes and higher taxes

from projects executed in countries

with higher tax jurisdictions. In 1Q13,

Ezra incurred tax charges of

US$5.9m, comprising US$2.9m of

withholding taxes and US$3m of

corporate tax at 21%. Management

expects tax rates to normalise to

15-20% in FY13 with lower-tax-rate

projects in the coming quarters. We

raise our tax rate to 20% from 15%.

OSV surprised nicely,

subsea stable

OSV’s gross margins were 24% (18%

in 2H12). Utilisation was above 90%.

We believe the improvement

stemmed from a restructuring of

certain contracts and a slight

increase in rates renewed. We

upgrade FY13 gross margins to 24%

from 22%. Subsea utilisation was

80%, affected by downtime in Dec

due to the winter weather. Gross

margins dipped to 15% (4Q12: 18%).

However, we expect a pick-up with

more projects executed. We have

assumed a 20% gross margin for

subsea for FY13. Subsea order book

is US$950m with US$415m of new

contracts YTD, in line with our

US$900m order target.

Expect stronger 2H13

Ezra is trading below its 5-year mean

of 16x forward P/E. We expect 2H13

to be stronger with the execution of

more projects.

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Peter_Pan
Supreme

14-Jan-2013 18:44

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I sacrificed some holdings to the likes of jpmorgan, ubs, morgan stanley, daiwa and clsa. I accumulated more from them at lower price. They are using the selldown strategy to force out weakholders capitalising on the " net-profit performance" news released on the mainstream media.

tonylim ( Date: 14-Jan-2013 14:36) Posted:

Peter , how did you get the info that big business houses are accumulating? Is it confirmed?

However, based on the strong buying pattern, it seems to be so.

Peter_Pan ( Date: 14-Jan-2013 14:13) Posted:

Big foreign houses accumulating heavily at the moment.

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tonylim
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14-Jan-2013 14:36

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Peter , how did you get the info that big business houses are accumulating? Is it confirmed?

However, based on the strong buying pattern, it seems to be so.

Peter_Pan ( Date: 14-Jan-2013 14:13) Posted:

Big foreign houses accumulating heavily at the moment.

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