PhillipCapital starts Ezra Holdings (5DN.SG) at Neutral with a $1.00 target. The house believes the stock is well-positioned to benefit from the upbeat subsea market, especially after its acquisition of AMC in 2011.
By the house's calculations, every US$100 million ($126 million) increase in new subsea order win should add $0.04-$0.05/share; year-to-date the company has received US$832 million worth of new orders.
Phillip tips that downside risks for the stock include a prolonged decline in oil prices, while a prolonged increase in oil prices would be an upside risk. Shares are up 1.1% at $0.95.
Tuesday, June 18, 2013
PhillipCapital starts Ezra Holdings at Neutral
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