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STOCKS NEWS SINGAPORE-Maybank raises Ezion target price
Maybank Kim Eng raised its target price for offshore services firm Ezion Holdings to S$1.42 from S$1.38 and kept its 'buy' rating, on expectations of a stronger performance in the second half due to deployment of more rigs and contribution from a LNG project.
By 0203 GMT, Ezion shares were up 2.5 percent, and have jumped 53 percent so far this year, compared to the FT ST Oil & Gas Index's 26.3 percent gain.
Maybank expects Ezion's earnings to grow by a compounded rate of 36 percent a year over the next three years, boosted by strong project pipelines.
Ezion also has the financial resources to fund its current projects, as it established a S$500 million debt issuance programme earlier this year, Maybank said.
Although this would increase Ezion's net gearing up to nearly 100 percent by the end of the year, Maybank expects the company to see positive free cashflow by 2014.
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1006 (0206 GMT)
(Reporting by Charmian Kok in Singapore; email@example.com)
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