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STOCKS NEWS SINGAPORE-CIMB ups Ezra target price
CIMB Research raised its target price for offshore services firm Ezra Holdings to S$1.38 from S$1.21 and kept its 'outperform' rating, after it reported strong quarterly earnings.
At 0114 GMT, Ezra shares were 2.3 percent higher at S$1.115, with 4.2 million shares traded, compared to its full day average volume of 4.3 million over the last five sessions. So far this year, Ezra has surged 33 percent, outperforming the FT ST Oil & Gas's 21.5 percent rise.
Ezra's third-quarter net profit jumped 248 percent to $22.4 million from a year earlier, helped by a strong contribution from its subsea segment and foreign exchange gains.
CIMB expects Ezra to see a strong pick-up in revenue and profits in the current quarter as there are more projects in the pipeline, and margins could rise to 16-18 percent.
"It is making good progress in the subsea market with profitable execution and order wins, which could catalyse the stock," said CIMB in a report.
It said Ezra was on track for a strong earnings recovery for fiscal 2013.
To read a statement, click
0917 (0117 GMT)
(Reporting by Charmian Kok in Singapore; email@example.com)
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