Ezion remains halted after reporting earnings and announcing a JV won a contract. “There could be a third development coming up,” an analyst says. Ezion reported 3Q12 net profit rose 24.4% to US$16.1 million ($19.7 million); OSK-DMG had forecast core net profit of US$16 million, rating the stock at Buy with a $2.02 target.
Ezion also said it entered a JV with Kim Seng Holdings, with the JV securing contracts valued up to US$298 million to provide two service rigs over a seven-year period for a Central American national oil major, with deployment in the Bay of Campeche expected in 1Q13. The national oil company is likely repeat customer Pemex as the Bay of Campeche is in Mexico. The stock last changed hands Monday at $1.335.
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