Company Update, 31 August 2015

Ezion Holdings (EZI SP)

Buy (Maintained)

Energy & Petrochemicals - Oil & Gas Services Market Cap: USD783m

Target Price: Price:

SGD1.60 SGD0.70 Macro Risks

Priced For Worst-Case Scenario

Growth Value

Ezion Holdings (EZI SP) Relative to Straits Times Index (RHS)

2.0

113

1.8

103

1.6

93

1.4

83

1.2

73

1.0

63

0.8

53

0.6

43

0.4 90 80 70 60 50 40 30 20 10

33



Jul-15

May-15

Mar-15

Dec-14

Oct-14



Source: Bloomberg

Avg Turnover (SGD/USD) Cons. Upside (%) Upside (%) 52-wk Price low/high (SGD) Free float (%) Share outstanding (m) Shareholders (%)

13.1m/9.53m 85.7 130 0.55 - 1.91 85 1,578

Chew Thiam Keng Commonwealth Bank of Australia

14.2 8.8

Guoline Capital

7.6

Share Performance (%)

 

Current share price imputes overly-conservative assumptions. At a 70% long-term utilisation rate, zero contract extension, asset disposals at a 20% discount to book value, and higher-than-actual charter and repair costs, Ezion’s cash flow to equity from the contracts in hand today and asset liquidation are worth SGD0.61 per share in our bear case, net of all debt. The stock has traded below this amidst market depression. Recent re-contracts have indicated robust demand within the liftboat industry. This year, Ezion has re-contracted four out of the five expiring contracts at the same rates as before (or higher, in one case), in spite of the current oil market, indicating the robustness of liftboat demand. Our base-case assumes one 5-year contract extension, and a 10% discount during disposal, resulting in a SGD1.24 value per share. Bull case is not truly bullish, but only what management is working towards. Our bull case does not assume any growth, merely imputing operational parameters that management is already targeting. These are: i) a 95% long-term utilisation rate, ii) assets used till end-of-life, and iii) actual operating and repair costs. This long-term value works out to SGD2.31/share. To be conservative, we assume zero cash flow from asset disposals and from the expected sale of the logistics business. Management’s share buybacks spell confidence. Ezion repurchased 2.5m shares in the last two weeks, with directors adding another 1.5m, highlighting management’s confidence in the company’s long-term value. Reward-risk ratio deeply in long-term investor’s favour. The 13.5% downside vs the 227.7% upside between our bear and bull cases yields a reward-risk ratio of 17x from today’s price. Long-term investors are likely to achieve above-market returns from this level. Key risks continue to be rig delivery delays and execution issues.

YTD

1m

3m

6m

12m

Dec-13

Dec-14

Dec-15F

Dec-16F

Dec-17F

Absolute

(38.0)

(19.2)

(34.8)

(37.7)

(62.1)

Total turnover (USDm)

282

387

366

557

599

Relative

(25.5)

(8.1)

(20.8)

(24.2)

(50.2)

Reported net profit (USDm)

160

224

146

254

301

Recurring net profit (USDm)

141

188

146

254

301

115.0

33.6

(22.3)

73.9

18.4

Shariah compliant

Forecasts and Valuations

Recurring net profit growth (%) Recurring EPS (USD)

Lee Yue Jer, CFA +65 6232 3898 [email protected]

0.11

0.12

0.09

0.16

0.19

0.001

0.001

0.001

0.001

0.001

Recurring P/E (x)

4.40

3.99

5.36

3.08

2.60

P/B (x)

0.84

0.71

0.63

0.52

0.44

P/CF (x)

4.30

4.10

3.50

2.30

1.78

0.2

0.2

0.1

0.1

0.1

8.99

6.58

7.93

4.74

3.35

27.7

24.8

12.5

18.5

18.3

115.0

85.7

107.0

86.4

52.8

(28.1)

(6.1)

4.5

DPS (USD)

Dividend Yield (%) EV/EBITDA (x) Return on average equity (%) Net debt to equity (%) Our vs consensus EPS (adjusted) (%)

See important disclosures at the end of this report

  2  . 2 0 . 3

0 0 . 3 0 0 We valued Ezion from another angle – discounting cash flow to equity . 0 under three conservative scenarios, yielding valuations between 0 SGD0.61 and SGD2.31 per share. The stock has priced in no contract 0 extension, deep cuts in charter rates, and other bearish assumptions against current evidence to the contrary. Maintain BUY and SGD1.60 TP (130% upside) based on 9x blended FY15/16F P/E, with long-term upward revision potential.



Aug-14

Vol m

Price Close

   

Source: Company data, RHB

Powered by EFATM Platform

1

Ezion Holdings (EZI SP) 31 August 2015

DCFE Models Demonstrate Clear Undervaluation Reward-risk ratio of 16.9x. At the current share price of SGD0.705, we see a 13.5% downside in the most bearish operational case vs a 227.7% upside in the “bullish” long-term actual operational case. This yields a reward-risk ratio of 16.9x, reflecting the extremely negative sentiment in the oil and gas market today.

Figure 1: Discounted equity cash flow valuation model outputs No Contract Extension Vessel Type

PV of CF PV of SP

5-Year Extension

Total PV

PV of CF PV of SP

Maximum Usage

Total PV

PV of CF PV of SP

Total PV

1

Liftboat (new)

3.8

28.2

32.0

44.5

14.1

58.6

102.6

0.0

2

Liftboat (new)

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

102.6 0.0

3

Liftboat (new)

16.3

18.1

34.4

50.3

8.5

58.7

97.2

0.0

97.2

4

Liftboat (new)

11.4

26.6

38.0

47.1

14.9

62.0

115.0

0.0

115.0

5

Liftboat (new)

11.0

27.9

38.9

49.5

15.6

65.1

120.3

0.0

120.3

6

Liftboat (new)

-0.5

31.7

31.2

47.4

16.6

64.1

132.3

0.0

132.3

7

Service rig

-13.7

22.3

8.6

40.9

0.0

41.0

69.4

0.0

69.4

8

Service rig

-2.3

30.6

28.3

23.0

5.1

28.1

44.8

0.0

44.8

9

Liftboat (new)

3.2

23.8

27.0

27.3

12.5

39.8

86.7

0.0

86.7 64.8

10

Service rig

-0.5

16.8

16.3

41.7

1.3

43.0

64.8

0.0

11

Service rig

-7.7

26.3

18.5

28.1

4.3

32.4

54.2

0.0

54.2

12

Service rig

5.9

22.9

28.8

81.0

9.2

90.2

145.1

0.0

145.1

13

Liftboat (new)

-11.9

27.2

15.4

-0.1

18.3

18.2

51.0

0.0

51.0

14

Service rig

-1.9

15.5

13.5

35.3

2.5

37.9

61.2

0.0

61.2

15

Service rig

-2.1

12.8

10.7

34.3

2.1

36.4

60.5

0.0

60.5

16

Service rig

-0.7

18.0

17.3

22.7

0.0

22.8

39.2

0.0

39.2

17

Liftboat (new)

-20.9

34.5

13.6

16.4

23.2

39.7

94.5

0.0

94.5

18

Service rig

-21.5

38.5

17.0

66.4

0.0

66.4

109.4

0.0

109.4

19

Liftboat (new)

-1.6

23.8

22.2

17.6

12.5

30.1

69.8

0.0

69.8

20

Service rig (JV)

-4.3

11.5

3.6

37.6

0.0

18.8

58.9

0.0

29.4

21

Service rig (JV)

0.0

19.6

9.8

1.9

26.0

14.0

59.0

0.0

29.5

22

Liftboat (new)

-20.0

39.9

19.9

24.8

26.9

51.7

116.5

0.0

116.5

23

Jackup

0.1

17.8

17.9

45.8

7.1

52.9

88.8

0.0

88.8

24

Jackup

-36.1

47.0

10.9

-42.9

59.9

16.9

49.9

0.0

49.9

25

Service rig

3.9

10.2

14.1

22.5

4.1

26.6

47.8

0.0

47.8

26

Service rig (JV)

-4.7

11.9

3.6

34.4

0.0

17.2

56.4

0.0

28.2

27

Service rig

-5.5

15.3

9.8

31.6

2.5

34.1

58.7

0.0

58.7

28

Liftboat (new)

-1.6

23.8

22.2

17.6

12.5

30.1

69.8

0.0

69.8

29

Service rig (JV)

1.0

9.3

5.2

9.2

1.5

5.4

25.8

0.0

12.9

30

Service rig (JV)

-3.1

12.6

4.8

29.8

5.1

17.4

62.7

0.0

31.3

31

Service rig

3.1

14.9

17.9

26.7

0.0

26.7

46.4

0.0

46.4

32

Service rig

11.9

8.6

20.5

63.0

3.4

66.5

105.6

0.0

105.6

33

Service rig

0.5

7.3

7.7

5.1

2.9

8.0

21.7

0.0

21.7

34

Service rig

15.2

0.3

15.5

21.2

0.0

21.2

31.1

0.0

31.1

35

Service rig

14.2

0.0

14.2

10.9

0.0

10.9

19.7

0.0

19.7

36

Service rig

33.6

0.0

33.6

34.2

0.0

34.2

49.7

0.0

49.7

37

Service rig

-5.2

32.5

27.4

50.4

17.0

67.5

139.1

0.0

139.1

38

Newbuild

-9.1

26.1

17.0

23.8

23.4

47.2

109.5

0.0

109.5

-40.0

754.1

687.2

Total (USDm) Value per Share (SGD)

0.61

1,121.1

353.3

1,401.6 1.24

2,603.7 2.31

Source: RHB

See important disclosures at the end of this report

2

Ezion Holdings (EZI SP) 31 August 2015

Figure 2: Key assumptions Key Assumptions

Bear

Base

Bull

USDSGD

1.400

1.400

1.400

Debt as % of Capex

Comments

70%

70%

70%

Debt Interest

5%

5%

5%

% Utilization

70%

85%

95%

Long term charters usually achieve 90-100% utilisation.

Time charter costs (USDm/yr)

3.50

3.25

3.00

Management guides for USD3m/yr actual costs.

Charter rate discount

15%

8.5%

0%

Sell-on discount from book value

20%

10%

None

Add. repair costs (% Annual rev)

5%

4%

3%

Sum of net asset values (USDm)

687.17

1401.57

2603.74

Sum of net asset values (SGDm)

962.04

1962.19

3645.23

Shares Oustanding

1577.8

1578

1578

Current Share Price

0.705

0.705

0.705

Value per share % Upside

0.61

1.24

2.31

-13.5%

76.4%

227.7%

Actual gearing used. Higher than current blended debt costs of c.3.5%.

No discounts on charter rates today, nor on renewed contracts. Management expects to sell one unit this year above book value. Additional layer of conservatism for unexpected repair costs.

Source: RHB

 Bear-case assumptions are equivalent to c.15 contract cancellations

The most restrictive assumption in the bear case is zero contract extension. Our bear case assumes no contract extension, a long-term utilisation rate of 70% for each of Ezion’s 37 vessels at a 15% charter rate discount. To put this into perspective, this is equivalent to c.15 contract cancellations. The 20% discount to book on asset disposal also removes a large component of the company’s value to equity. Such assumptions are clearly too restrictive, but the stock currently trades at levels commensurate with these inputs. In this case, all value is derived from asset sales. The present value of cash flow to equity is negative due to debt repayments.

Base case assumes one single 5-year extension. We find that our conservative base-case assumptions yield a value per share close to the consensus TP. These assumptions are likely too restrictive as well: i) contracts are only extended once for a period of five years before assets are disposed at a 10% discount, ii) an 8.5% charter rate discount on top of only 85% long-term utilisation.

 Main assumption of the base case is already being realised. Future extensions are highly likely in our view

This result indicates that in the longer run, we are likely to see consensus upgrading target prices. It takes merely a single 5-year extension per contract to double the value of the stock compared to the bear case. We have already seen such extensions in the contracts expiring this year, in the depths of the weakest oil market in recent history. In this case, 75% of the stock’s value is derived from charter income, whereas asset disposal values diminish in importance due to depreciation.

 The “bull” case is the most likely case to be realised over the long run. It still does not impute likely future contract wins

Operationally attainable bull case makes company highly attractive at current price. Our bull-case assumptions are the long-term operational parameters that Ezion’s management is aiming to achieve, ie: i) contract extensions till asset end-oflife, ii) at the same charter rates, iii) achieving a 95% long-term utilisation rate. We have been conservative in assuming zero disposal values whereas the experience of the oil industry is that even a 30-year-old jack-up drilling rig achieves a disposal value of USD20m-30m (or 10-15% of a newbuild jack-up today) today. In spite of low oil prices, demand for liftboats has remained high. Renewals have been at the same rates (or higher, in one case) as the preceding contracts. One vessel that a customer has recently expressed interest to purchase is expected to be sold above book value, whereas 0% of the value in this scenario is derived from asset sales. These are reasons for us to believe that the true value of Ezion is still higher than our bull-case model output. In the long run, Ezion is likely to win more contracts. Such wins are not included in any of these scenarios.

See important disclosures at the end of this report

3

Ezion Holdings (EZI SP) 31 August 2015

Valuation Methodology We demonstrate the model outputs using vessel #17 as an example. Figure 3: Vessel #17 contract details and operational parameters Charter type

Time

Capex (USDm)

95.0

Initial debt (USDm)

66.5

Beginning annual interest (USDm)

3.3

Initial equity (USDm)

28.5

Depreciation years

25.0

Revenue (USDm/yr)

21.9

Start date

1-May-15

Contract tenure (years)

4.0

End date

30-Apr-19

Five-year extension

28-Apr-24

End of life

24-Apr-40

Source: Company, RHB

Figure 4: Bear-case scenario valuation of vessel #17 Revenue Time Charter Costs Add. Repair Costs Depreciation Remaining Debt Interest Net Profit Debt Repayment FCF

2015 2016 2017 2018 8.69 13.03 13.03 13.03 (2.33) (3.50) (3.50) (3.50) (0.43) (0.65) (0.65) (0.65) (2.53) (3.80) (3.80) (3.80) 66.50 57.63 44.33 31.03 (2.22) (2.88) (2.22) (1.55) 1.17 2.20 2.86 3.53 (8.87) (13.30) (13.30) (13.30) (5.16) (7.30) (6.64) (5.97)

PV (FCFE) -20.89 Vessel age at sale 4.00 Debt at sale 13.34 Asset value 79.81 Sell-on equity value 50.51 Sell-on Date 30/4/2019 PV sell-on value 34.50 Total Value 13.61

2019 4.31 (1.16) (0.22) (1.26) 17.73 (0.29) 1.39 (4.40) (1.75)

2020 13.34

2021

2022

2023

-

-

-

13.34

-

Assumptions % Utilization Charter costs (USDm/yr) Charter rate discount Sell-on value discount Add. repair costs

13.34

-

-

2025

2026

2027

2028

2029

2030

2031

2032

2033

2034

2035

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

13.34

13.34

13.34

13.34

13.34

13.34

13.34

13.34

13.34

13.34

13.34

13.34

13.34

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

2024

-

70% 3.50 15% 20% 5%

Source: RHB

Negative present value of free cash flow to equity (FCFE) in the bear case. Because Ezion takes out 5-year amortising loans for each of its vessels, the initial contract period may yield negative FCFE as the debt principal is paid down. In the bear case, primarily because we assume a 70% utilisation rate over the life of the contract and a 15% charter rate discount, and because we do not allow for contract renewals, the FCFE remains negative. The vessel is sold after the contract ends at a 20% discount to book value at a value of USD63.85m in 2019. After paying the outstanding USD13.34m debt, the present value to equity holders of this sale is USD34.5m. Summing the negative PV (FCFE) with the positive PV (sell-on value to equity) yields a total present value of USD13.6m. Note that this is approximately a 50% discount to book value, which is close to where Ezion is trading today.

See important disclosures at the end of this report

4

Ezion Holdings (EZI SP) 31 August 2015 Figure 5: Base-case scenario valuation of vessel #17 2015 2016 2017 2018 2019 2020 2021 Revenue 11.36 17.03 17.03 17.03 17.03 17.03 17.03 Time Charter Costs (2.17) (3.25) (3.25) (3.25) (3.25) (3.25) (3.25) Add. Repair Costs (0.45) (0.68) (0.68) (0.68) (0.68) (0.68) (0.68) Depreciation (2.53) (3.80) (3.80) (3.80) (3.80) (3.80) (3.80) Remaining Debt 66.50 57.63 44.33 31.03 17.73 4.43 Interest (2.22) (2.88) (2.22) (1.55) (0.89) (0.22) Net Profit 3.98 6.42 7.08 7.75 8.41 9.08 9.30 Debt Repayment (8.87) (13.30) (13.30) (13.30) (13.30) (4.43) FCF (2.35) (3.08) (2.42) (1.75) (1.09) 8.45 13.10

PV (FCFE) 16.44 Vessel age at sale 8.99 Debt at sale Asset value 60.83 Sell-on equity value 54.75 Sell-on Date 28/4/2024 PV sell-on value 23.22 Total Value 39.65

Assumptions % Utilization Charter costs (USDm/yr) Charter rate discount Sell-on value discount Add. repair costs

2022 17.03 (3.25) (0.68) (3.80) 9.30 13.10

2023 17.03 (3.25) (0.68) (3.80) 9.30 13.10

2024 5.54 (1.06) (0.22) (1.24) 3.02 4.26

2025

2026

2027

2028

2029

2030

2031

2032

2033

2034

2035

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

85% 3.25 9% 10% 4%

Source: RHB

Base-case scenario assumes one 5-year contract extension. On 85% long-term utilisation and an 8.5% charter rate discount, the FCFEs in early years are still negative but on a smaller scale. With the one-time contract extension, the PV (FCFE) becomes positive overall, contributing to a higher total present value after asset disposal (at a 10% discount).

Figure 6: Bull-case scenario valuation of vessel #17 Revenue Time Charter Costs Add. Repair Costs Depreciation Remaining Debt Interest Net Profit Debt Repayment FCF

PV (FCFE) Total Value

2015 13.87 (2.00) (0.42) (2.53) 66.50 (2.22) 6.70 (8.87) 0.37

94.51 94.51

2016 20.81 (3.00) (0.62) (3.80) 57.63 (2.88) 10.50 (13.30) 1.00

2017 20.81 (3.00) (0.62) (3.80) 44.33 (2.22) 11.16 (13.30) 1.66

2018 20.81 (3.00) (0.62) (3.80) 31.03 (1.55) 11.83 (13.30) 2.33

2019 20.81 (3.00) (0.62) (3.80) 17.73 (0.89) 12.49 (13.30) 2.99

2020 20.81 (3.00) (0.62) (3.80) 4.43 (0.22) 13.16 (4.43) 12.53

Assumptions % Utilization Charter costs (USDm/yr) Charter rate discount Add. repair costs

2021 20.81 (3.00) (0.62) (3.80) 13.38 17.18

2022 20.81 (3.00) (0.62) (3.80) 13.38 17.18

2023 20.81 (3.00) (0.62) (3.80) 13.38 17.18

2024 20.81 (3.00) (0.62) (3.80) 13.38 17.18

2025 20.81 (3.00) (0.62) (3.80) 13.38 17.18

2026 20.81 (3.00) (0.62) (3.80) 13.38 17.18

2027 20.81 (3.00) (0.62) (3.80) 13.38 17.18

2028 20.81 (3.00) (0.62) (3.80) 13.38 17.18

2029 20.81 (3.00) (0.62) (3.80) 13.38 17.18

2030 20.81 (3.00) (0.62) (3.80) 13.38 17.18

2031 20.81 (3.00) (0.62) (3.80) 13.38 17.18

2032 20.81 (3.00) (0.62) (3.80) 13.38 17.18

2033 20.81 (3.00) (0.62) (3.80) 13.38 17.18

2034 20.81 (3.00) (0.62) (3.80) 13.38 17.18

2035 20.81 (3.00) (0.62) (3.80) 13.38 17.18

2036 20.81 (3.00) (0.62) (3.80) 13.38 17.18

2037 20.81 (3.00) (0.62) (3.80) 13.38 17.18

2038 20.81 (3.00) (0.62) (3.80) 13.38 17.18

2039 2040 20.81 6.53 (3.00) (0.94) (0.62) (0.20) (3.80) (1.19) 13.38 4.20 17.18 5.39

95% 3.00 0% 3%

Source: RHB

Bull-case scenario is management’s long-term operational target which we believe is achievable. Management aims to: i) maintain a high long-term utilisation rate, ii) ensure contract renewals at the same or higher rates till the vessel is retired from use. Our assumptions in the bull case still build in conservative layers: i)

End-of-life is assumed when depreciation takes the book value to zero after 25 years for newbuild assets, and 10 years for converted units. The experience of the jack-up market indicates that such platforms can continue working even up to 35 years for newbuild units.

ii)

Zero disposal value. 30-year-old jack-ups still fetch 10-15% of newbuild prices in today’s depressed market. Before the market collapsed, such old jack-ups were transacted at USD60m, or almost 28% of newbuild price.

iii) No growth assumptions. Over the next few years, we expect Ezion to sign new contracts to grow the company’s fleet.

See important disclosures at the end of this report

5

Ezion Holdings (EZI SP) 31 August 2015

Financial Exhibits Profit & Loss (USDm)

Dec-13

Dec-14

Dec-15F

Dec-16F

Total turnover

282

387

366

557

599

Cost of sales

(149)

(191)

(220)

(296)

(293)

Gross profit

133

196

146

260

307

Gen & admin expenses

(14)

(17)

(11)

(13)

(14)

Operating profit

119

179

135

248

292

Operating EBITDA

165

281

270

431

482

Depreciation of fixed assets

(45)

(103)

(135)

(183)

(190)

Operating EBIT

119

179

135

248

292

31

28

37

39

39

Interest income

5

6

5

2

3

Interest expense

(12)

(22)

(29)

(33)

(31)

Net income from investments

Exceptional income - net Pre-tax profit Taxation Minority interests

20

36

163

226

(3)

(2)

0

(0)

Dec-17F

-

-

-

148

256

303

(2)

(2)

(2)

-

-

-

Profit after tax & minorities

160

224

146

254

301

Reported net profit

160

224

146

254

301

Recurring net profit

141

188

146

254

301

Dec-13

Dec-14

Dec-15F

Dec-16F

Dec-17F

119

179

135

248

292

Depreciation & amortisation

45

103

135

183

190

Change in working capital

(5)

(62)

(21)

(57)

(13)

Other operating cash flow

(2)

(4)

-

-

-

250

373

470

Source: Company data, RHB

Cash flow (USDm) Operating profit

Operating cash flow Interest received Interest paid Dividends received Tax paid Cash flow from operations Capex Other new investments

158 0 (13) 1 (2)

215 -

5

2

3

(30)

(29)

(33)

(31)

-

-

-

-

(2)

(2)

(2)

(2)

144

183

224

341

439

(709)

(458)

(350)

(275)

(50)

(40)

3

-

-

-

15

18

-

-

-

(734)

(437)

(350)

(275)

Dividends paid

(1)

(1)

(2)

(2)

Proceeds from issue of shares

87

158

-

Other investing cash flow Cash flow from investing activities

Increase in debt

-

(2) -

676

355

200

(134)

49

(89)

Cash flow from financing activities

628

561

109

Cash at beginning of period

135

166

372

234

97

38

306

(18)

(136)

187

Other financing cash flow

Total cash generated Forex effects Implied cash at end of period

(6) 167

(18)

-

454

354

(200)

(50)

(202)

97

(200) (202)

284

Source: Company data, RHB

See important disclosures at the end of this report

6

Ezion Holdings (EZI SP) 31 August 2015

Financial Exhibits Balance Sheet (USDm)

Dec-13

Dec-14

Dec-15F

Dec-16F

Dec-17F

Total cash and equivalents

166

372

234

97

284

Accounts receivable

107

160

176

267

287

Other current assets

107

128

128

128

128

Total current assets

380

659

537

492

699

Total investments

199

187

224

263

301

Tangible fixed assets

1,464

2,136

2,470

2,562

2,422

Total non-current assets

1,663

2,322

2,694

2,825

2,724

Total assets

2,043

2,981

3,231

3,317

3,423

223

288

339

299

259

Accounts payable

69

70

65

99

107

Other current liabilities

84

69

69

69

69

Total current liabilities

376

427

473

467

435

Total long-term debt

863

1,208

1,357

1,197

1,037

4

33

33

33

33

866

1,241

1,390

1,230

1,070 1,505

Short-term debt

Other liabilities Total non-current liabilities Total liabilities

1,243

1,668

1,864

1,698

Share capital

346

536

536

536

536

Retained earnings reserve

357

565

709

961

1,259

Shareholders' equity

703

1,101

1,245

1,496

1,795

Minority interests

(0)

Other equity

98

212

123

123

123

Total equity

(0)

(0)

(0)

(0)

800

1,313

1,367

1,619

1,918

2,043

2,981

3,231

3,317

3,423

Dec-13

Dec-14

Dec-15F

Dec-16F

Dec-17F

77.7

37.1

(5.3)

52.0

7.7

Operating profit growth (%)

108.5

49.9

(24.5)

83.5

18.0

Net profit growth (%)

Total liabilities & equity Source: Company data, RHB

Key Ratios (USD) Revenue growth (%)

103.4

39.4

(34.7)

73.9

18.4

EPS growth (%)

40.5

15.0

(37.4)

73.9

18.4

BVPS growth (%)

70.7

17.6

13.1

20.2

20.0

Operating margin (%)

42.3

46.2

36.9

44.5

48.8

Net profit margin (%)

56.9

57.9

39.9

45.6

50.2

Return on average assets (%)

9.9

8.9

4.7

7.8

8.9

Return on average equity (%)

27.7

24.8

12.5

18.5

18.3

Net debt to equity (%)

115.0

85.7

107.0

86.4

52.8

DPS

0.001

0.001

0.001

0.001

0.001

0.12

0.12

0.14

0.22

0.28

Recurrent cash flow per share Source: Company data, RHB

See important disclosures at the end of this report

7

Ezion Holdings (EZI SP) 31 August 2015

SWOT Analysis  Strong track record with national oil companies and oil majors in the deployment of liftboats and service rigs globally

 New players could enter the liftboat and service rig business due to potentially lucrative returns

 Experienced in working on projects that are subject to strict environmental protection rules

 Increased awareness of safety requirements for maintenance could lead to more liftboat and service rig deployment opportunities  Plenty of room to grow charters due to limited deployment in Asian waters

 High net gearing in balance sheet constrains its ability to fund new projects without raising net equity or issuing perpetual securities  Limited chartering experience outside South-East Asia means it has to seek third-party operators

P/E (x) vs EPS growth

P/BV (x) vs ROAE

33%

3.0

10%

2.0

-13%

P/E (x) (lhs)

EPS growth (rhs)

Source: Company data, RHB

Jan-17

Jan-16

-60%

Jan-15

0.0

Jan-14

-37%

Jan-13

1.0

23%

1.0

19%

0.8

15%

0.6

11%

0.4

8%

0.2

4%

0.0

0%

P/B (x) (lhs)

Jan-17

4.0

26%

1.2

Jan-16

57%

30%

1.4

Jan-15

5.0

1.6

Jan-14

80%

Jan-13

6.0

Return on average equity (rhs)

Source: Company data, RHB

Company Profile Ezion Holdings is involved in the provision of offshore and marine logistics and owns one of the largest liftboat fleets in the world.

See important disclosures at the end of this report

8

Ezion Holdings (EZI SP) 31 August 2015

Recommendation Chart

Sell

1.60

2.10

2.35 2.18

2.65

2.50

3.00

3.18 2.65 3.18

3.26

3.00

2.55 2.48

2.02 2.20 2.16

1.32 1.37

1.17 1.25

1.00

1.02

0.92 1.04 1.07

1.00

0.89

1.31

Price Close 2.1 Recommendations & Target Price 1.9 1.7 1.5 1.3 1.1 0.9 0.7 0.5 0.3 Buy Neutral 0.1 Sep-10 Dec-11

Trading Buy

Mar-13

Take Profit

Not Rated

Jun-14

Source: RHB, Bloomberg Date

Recommendation Target Price

Price

2015-08-17

Buy

1.60

0.66

2015-07-02

Buy

2.10

1.03

2015-05-13

Buy

2.10

1.22

2015-03-20

Buy

2.18

1.04

2015-03-11

Buy

2.35

1.06

2015-02-16

Buy

2.35

1.17

2014-11-07

Buy

2.65

1.48

2014-09-09

Buy

2.50

1.86

2014-07-23

Buy

3.00

1.73

2014-07-15

Buy

3.00

1.68

Source : RHB, Bloomberg

See important disclosures at the end of this report

9

RHB Guide to Investment Ratings Buy: Share price may exceed 10% over the next 12 months Trading Buy: Share price may exceed 15% over the next 3 months, however longer-term outlook remains uncertain Neutral: Share price may fall within the range of +/- 10% over the next 12 months Take Profit: Target price has been attained. Look to accumulate at lower levels Sell: Share price may fall by more than 10% over the next 12 months Not Rated: Stock is not within regular research coverage Investment Research Disclaimers RHB has issued this report for information purposes only. This report is intended for circulation amongst RHB and its affiliates’ clients generally or such persons as may be deemed eligible by RHB to receive this report and does not have regard to the specific investment objectives, financial situation and the particular needs of any specific person who may receive this report. This report is not intended, and should not under any circumstances be construed as, an offer or a solicitation of an offer to buy or sell the securities referred to herein or any related financial instruments. This report may further consist of, whether in whole or in part, summaries, research, compilations, extracts or analysis that has been prepared by RHB’s strategic, joint venture and/or business partners. No representation or warranty (express or implied) is given as to the accuracy or completeness of such information and accordingly investors should make their own informed decisions before relying on the same. This report is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to the applicable laws or regulations. By accepting this report, the recipient hereof (i) represents and warrants that it is lawfully able to receive this document under the laws and regulations of the jurisdiction in which it is located or other applicable laws and (ii) acknowledges and agrees to be bound by the limitations contained herein. Any failure to comply with these limitations may constitute a violation of applicable laws. All the information contained herein is based upon publicly available information and has been obtained from sources that RHB believes to be reliable and correct at the time of issue of this report. However, such sources have not been independently verified by RHB and/or its affiliates and this report does not purport to contain all information that a prospective investor may require. The opinions expressed herein are RHB’s present opinions only and are subject to change without prior notice. RHB is not under any obligation to update or keep current the information and opinions expressed herein or to provide the recipient with access to any additional information. Consequently, RHB does not guarantee, represent or warrant, expressly or impliedly, as to the adequacy, accuracy, reliability, fairness or completeness of the information and opinion contained in this report. Neither RHB (including its officers, directors, associates, connected parties, and/or employees) nor does any of its agents accept any liability for any direct, indirect or consequential losses, loss of profits and/or damages that may arise from the use or reliance of this research report and/or further communications given in relation to this report. Any such responsibility or liability is hereby expressly disclaimed. Whilst every effort is made to ensure that statement of facts made in this report are accurate, all estimates, projections, forecasts, expressions of opinion and other subjective judgments contained in this report are based on assumptions considered to be reasonable and must not be construed as a representation that the matters referred to therein will occur. Different assumptions by RHB or any other source may yield substantially different results and recommendations contained on one type of research product may differ from recommendations contained in other types of research. The performance of currencies may affect the value of, or income from, the securities or any other financial instruments referenced in this report. Holders of depositary receipts backed by the securities discussed in this report assume currency risk. Past performance is not a guide to future performance. Income from investments may fluctuate. The price or value of the investments to which this report relates, either directly or indirectly, may fall or rise against the interest of investors. This report does not purport to be comprehensive or to contain all the information that a prospective investor may need in order to make an investment decision. The recipient of this report is making its own independent assessment and decisions regarding any securities or financial instruments referenced herein. Any investment discussed or recommended in this report may be unsuitable for an investor depending on the investor’s specific investment objectives and financial position. The material in this report is general information intended for recipients who understand the risks of investing in financial instruments. This report does not take into account whether an investment or course of action and any associated risks are suitable for the recipient. Any recommendations contained in this report must therefore not be relied upon as investment advice based on the recipient's personal circumstances. Investors should make their own independent evaluation of the information contained herein, consider their own investment objective, financial situation and particular needs and seek their own financial, business, legal, tax and other advice regarding the appropriateness of investing in any securities or the investment strategies discussed or recommended in this report. This report may contain forward-looking statements which are often but not always identified by the use of words such as “believe”, “estimate”, “intend” and “expect” and statements that an event or result “may”, “will” or “might” occur or be achieved and other similar expressions. Such forward-looking statements are based on assumptions made and information currently available to RHB and are subject to known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement to be materially different from any future results, performance or achievement, expressed or implied by such forward-looking statements. Caution should be taken with respect to such statements and recipients of this report should not place undue reliance on any such forward-looking statements. RHB expressly disclaims any obligation to update or revise any forwardlooking statements, whether as a result of new information, future events or circumstances after the date of this publication or to reflect the occurrence of unanticipated events. 10

The use of any website to access this report electronically is done at the recipient’s own risk, and it is the recipient’s sole responsibility to take precautions to ensure that it is free from viruses or other items of a destructive nature. This report may also provide the addresses of, or contain hyperlinks to, websites. RHB takes no responsibility for the content contained therein. Such addresses or hyperlinks (including addresses or hyperlinks to RHB own website material) are provided solely for the recipient’s convenience. The information and the content of the linked site do not in any way form part of this report. Accessing such website or following such link through the report or RHB website shall be at the recipient’s own risk. This report may contain information obtained from third parties. Third party content providers do not guarantee the accuracy, completeness, timeliness or availability of any information and are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, or for the results obtained from the use of such content. Third party content providers give no express or implied warranties, including, but not limited to, any warranties of merchantability or fitness for a particular purpose or use. Third party content providers shall not be liable for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including lost income or profits and opportunity costs) in connection with any use of their content. The research analysts responsible for the production of this report hereby certifies that the views expressed herein accurately and exclusively reflect his or her personal views and opinions about any and all of the issuers or securities analysed in this report and were prepared independently and autonomously. The research analysts that authored this report are precluded by RHB in all circumstances from trading in the securities or other financial instruments referenced in the report, or from having an interest in the company(ies) that they cover. RHB and/or its affiliates and/or their directors, officers, associates, connected parties and/or employees, may have, or have had, interests in the securities or qualified holdings, in subject company(ies) mentioned in this report or any securities related thereto and may from time to time add to or dispose of, or may be materially interested in, any such securities. Further, RHB and/or its affiliates may have, or have had, business relationships with the subject company(ies) mentioned in this report and may from time to time seek to provide investment banking or other services to the subject company(ies) referred to in this research report. As a result, investors should be aware that a conflict of interest may exist. The contents of this report is strictly confidential and may not be copied, reproduced, published, distributed, transmitted or passed, in whole or in part, to any other person without the prior express written consent of RHB and/or its affiliates. This report has been delivered to RHB and its affiliates’ clients for information purposes only and upon the express understanding that such parties will use it only for the purposes set forth above. By electing to view or accepting a copy of this report, the recipients have agreed that they will not print, copy, videotape, record, hyperlink, download, or otherwise attempt to reproduce or re-transmit (in any form including hard copy or electronic distribution format) the contents of this report. RHB and/or its affiliates accepts no liability whatsoever for the actions of third parties in this respect. The contents of this report are subject to copyright. Please refer to Restrictions on Distribution below for information regarding the distributors of this report. Recipients must not reproduce or disseminate any content or findings of this report without the express permission of RHB and the distributors. The securities mentioned in this publication may not be eligible for sale in some states or countries or certain categories of investors. The recipient of this report should have regard to the laws of the recipient’s place of domicile when contemplating transactions in the securities or other financial instruments referred to herein. The securities discussed in this report may not have been registered in such jurisdiction. Without prejudice to the foregoing, the recipient is to note that additional disclaimers, warnings or qualifications may apply based on geographical location of the person or entity receiving this report. RESTRICTIONS ON DISTRIBUTION Malaysia This report is issued and distributed in Malaysia by RHB Research Institute Sdn Bhd. The views and opinions in this report are our own as of the date hereof and is subject to change. If the Financial Services and Markets Act of the United Kingdom or the rules of the Financial Conduct Authority apply to a recipient, our obligations owed to such recipient therein are unaffected. RHB Research Institute Sdn Bhd has no obligation to update its opinion or the information in this report. Thailand This report is issued and distributed in the Kingdom of Thailand by RHB OSK Securities (Thailand) PCL, a licensed securities company that is authorised by the Ministry of Finance, regulated by the Securities and Exchange Commission of Thailand and is a member of the Stock Exchange of Thailand. The Thai Institute of Directors Association has disclosed the Corporate Governance Report of Thai Listed Companies made pursuant to the policy of the Securities and Exchange Commission of Thailand. RHB OSK Securities (Thailand) PCL does not endorse, confirm nor certify the result of the Corporate Governance Report of Thai Listed Companies. Indonesia This report is issued and distributed in Indonesia by PT RHB OSK Securities Indonesia. This research does not constitute an offering document and it should not be construed as an offer of securities in Indonesia. Any securities offered or sold, directly or indirectly, in Indonesia or to any Indonesian citizen or corporation (wherever located) or to any Indonesian resident in a manner which constitutes a public offering under Indonesian laws and regulations must comply with the prevailing Indonesian laws and regulations.

11

Singapore This report is issued and distributed in Singapore by RHB Research Institute Singapore Pte Ltd and it may only be distributed in Singapore to accredited investors, expert investors and institutional investors as defined in the Financial Advisers Regulations and the Securities and Futures Act (Chapter 289), as amended from time to time. By virtue of distribution to these categories of investors, RHB Research Institute Singapore Pte Ltd and its representatives are not required to comply with Section 36 of the Financial Advisers Act (Chapter 110) (Section 36 relates to disclosure of RHB Research Institute Singapore Pte Ltd ’s interest and/or its representative's interest in securities). Recipients of this report in Singapore may contact RHB Research Institute Singapore Pte Ltd in respect of any matter arising from or in connection with the report. Hong Kong This report is issued and distributed in Hong Kong by RHB OSK Securities Hong Kong Limited (興業僑豐證券有限公司) (CE No.: ADU220) (“RHBSHK”) which is licensed in Hong Kong by the Securities and Futures Commission for Type 1 (dealing in securities) and Type 4 (advising on securities) regulated activities. Any investors wishing to purchase or otherwise deal in the securities covered in this report should contact RHB OSK Securities Hong Kong Limited. United States This report was prepared by RHB and is being distributed solely and directly to “major” U.S. institutional investors as defined under, and pursuant to, the requirements of Rule 15a-6 under the U.S. Securities and Exchange Act of 1934, as amended (the “Exchange Act”). RHB is not registered as a brokerdealer in the United States and does not offer brokerage services to U.S. persons. Any order for the purchase or sale of the securities discussed herein that are listed on Bursa Malaysia Securities Berhad must be placed with and through Auerbach Grayson (“AG”). Any order for the purchase or sale of all other securities discussed herein must be placed with and through such other registered U.S. broker-dealer as appointed by RHB from time to time as required by the Exchange Act Rule 15a-6. This report is confidential and not intended for distribution to, or use by, persons other than the recipient and its employees, agents and advisors, as applicable. Additionally, where research is distributed via Electronic Service Provider, the analysts whose names appear in this report are not registered or qualified as research analysts in the United States and are not associated persons of Auerbach Grayson AG or such other registered U.S. broker-dealer as appointed by RHB from time to time and therefore may not be subject to any applicable restrictions under Financial Industry Regulatory Authority (“FINRA”) rules on communications with a subject company, public appearances and personal trading. Investing in any non-U.S. securities or related financial instruments discussed in this research report may present certain risks. The securities of non-U.S. issuers may not be registered with, or be subject to the regulations of, the U.S. Securities and Exchange Commission. Information on non-U.S. securities or related financial instruments may be limited. Foreign companies may not be subject to audit and reporting standards and regulatory requirements comparable to those in the United States. The financial instruments discussed in this report may not be suitable for all investors. Transactions in foreign markets may be subject to regulations that differ from or offer less protection than those in the United States. OWNERSHIP AND MATERIAL CONFLICTS OF INTEREST Malaysia RHB does not have qualified shareholding (1% or more) in the subject company (ies) covered in this report except for: a) RHB and/or its subsidiaries are not liquidity providers or market makers for the subject company (ies) covered in this report except for: a) RHB and/or its subsidiaries have not participated as a syndicate member in share offerings and/or bond issues in securities covered in this report in the last 12 months except for: a) RHB has not provided investment banking services to the company/companies covered in this report in the last 12 months except for: a) Thailand RHB OSK Securities (Thailand) PCL and/or its directors, officers, associates, connected parties and/or employees, may have, or have had, interests and/or commitments in the securities in subject company(ies) mentioned in this report or any securities related thereto. Further, RHB OSK Securities (Thailand) PCL may have, or have had, business relationships with the subject company(ies) mentioned in this report. As a result, investors should exercise their own judgment carefully before making any investment decisions.

12

Indonesia PT RHB OSK Securities Indonesia is not affiliated with the subject company(ies) covered in this report both directly or indirectly as per the definitions of affiliation above. Pursuant to the Capital Market Law (Law Number 8 Year 1995) and the supporting regulations thereof, what constitutes as affiliated parties are as follows: 1.

Familial relationship due to marriage or blood up to the second degree, both horizontally or vertically;

2.

Affiliation between parties to the employees, Directors or Commissioners of the parties concerned;

3.

Affiliation between 2 companies whereby one or more member of the Board of Directors or the Commissioners are the same;

4.

Affiliation between the Company and the parties, both directly or indirectly, controlling or being controlled by the Company;

5.

Affiliation between 2 companies which are controlled, directly or indirectly, by the same party; or

6.

Affiliation between the Company and the main Shareholders.

PT RHB OSK Securities Indonesia is not an insider as defined in the Capital Market Law and the information contained in this report is not considered as insider information prohibited by law. Insider means: a. a commissioner, director or employee of an Issuer or Public Company; b.

a substantial shareholder of an Issuer or Public Company;

c.

an individual, who because of his position or profession, or because of a business relationship with an Issuer or Public Company, has access to inside information; and

d.

an individual who within the last six months was a Person defined in letters a, b or c, above.

Singapore RHB Research Institute Singapore Pte Ltd and/or its subsidiaries and/or associated companies do not make a market in any securities covered in this report, except for: (a) The staff of RHB Research Institute Singapore Pte Ltd and its subsidiaries and/or its associated companies do not serve on any board or trustee positions of any issuer whose securities are covered in this report, except for: (a) RHB Research Institute Singapore Pte Ltd and/or its subsidiaries and/or its associated companies do not have and have not within the last 12 months had any corporate finance advisory relationship with the issuer of the securities covered in this report or any other relationship (including a shareholding of 1% or more in the securities covered in this report) that may create a potential conflict of interest, except for: (a) Hong Kong RHBSHK or any of its group companies may have financial interests in in relation to an issuer or a new listing applicant (as the case may be) the securities in respect of which are reviewed in the report, and such interests aggregate to an amount equal to or more than (a) 1% of the subject company’s market capitalization (in the case of an issuer as defined under paragraph 16 of the Code of Conduct for Persons Licensed by or Registered with the Securities and Futures Commission (the “Code of Conduct”); and/or (b) an amount equal to or more than 1% of the subject company’s issued share capital, or issued units, as applicable (in the case of a new listing applicant as defined in the Code of Conduct). Further, the analysts named in this report or their associates may have financial interests in relation to an issuer or a new listing applicant (as the case may be) in the securities which are reviewed in the report. RHBSHK or any of its group companies may make a market in the securities covered by this report. RHBSHK or any of its group companies may have analysts or their associates, individual(s) employed by or associated with RHBSHK or any of its group companies serving as an officer of the company or any of the companies covered by this report. RHBSHK or any of its group companies may have received compensation or a mandate for investment banking services to the company or any of the companies covered by this report within the past 12 months. Note: The reference to “group companies” above refers to a group company of RHBSHK that carries on a business in Hong Kong in (a) investment banking; (b) proprietary trading or market making; or (c) agency broking, in relation to securities listed or traded on The Stock Exchange of Hong Kong Limited. 13

Kuala Lumpur

Hong Kong

Singapore

RHB Research Institute Sdn Bhd Level 11, Tower One, RHB Centre Jalan Tun Razak Kuala Lumpur Malaysia Tel : +(60) 3 9280 2185 Fax : +(60) 3 9284 8693

RHB OSK Securities Hong Kong Ltd. th 12 Floor World-Wide House 19 Des Voeux Road Central, Hong Kong Tel : +(852) 2525 1118 Fax : +(852) 2810 0908

RHB Research Institute Singapore Pte Ltd (formerly known as DMG & Partners Research Pte Ltd) 10 Collyer Quay #09-08 Ocean Financial Centre Singapore 049315 Tel : +(65) 6533 1818 Fax : +(65) 6532 6211

Jakarta

Shanghai

Phnom Penh

PT RHB OSK Securities Indonesia Wisma Mulia, 20th Floor Jl. Jend. Gatot Subroto No. 42 Jakarta 12710, Indonesia Tel : +(6221) 2783 0888 Fax : +(6221) 2783 0777

RHB OSK (China) Investment Advisory Co. Ltd. Suite 4005, CITIC Square 1168 Nanjing West Road Shanghai 20041 China Tel : +(8621) 6288 9611 Fax : +(8621) 6288 9633

RHB OSK Indochina Securities Limited No. 1-3, Street 271 Sangkat Toeuk Thla, Khan Sen Sok Phnom Penh Cambodia Tel: +(855) 23 969 161 Fax: +(855) 23 969 171

Bangkok RHB OSK Securities (Thailand) PCL 10th Floor, Sathorn Square Office Tower 98, North Sathorn Road, Silom Bangrak, Bangkok 10500 Thailand Tel: +(66) 2 862 9999 Fax : +(66) 2 862 9799

14

Ezion Holdings (EZI SP) - RHB Research Institute

Aug 31, 2015 - Free float (%). 85. Share outstanding (m). 1,578. Shareholders (%). Chew Thiam Keng. 14.2. Commonwealth Bank of. Australia. 8.8. Guoline Capital. 7.6. Share Performance (%). YTD ... downside in the most bearish operational case vs a 227.7% upside in the “bullish” long-term actual operational case.

333KB Sizes 0 Downloads 340 Views

Recommend Documents

Ezion Holdings (EZI SP) Placement Gives ... - RHB Research Institute
Apr 17, 2014 - On top of two new service rig contracts, Ezion announced that it is placing out 100m new shares to Hong Leong Co (Malaysia) at SGD1.94 per share, bringing in Tan Sri Quek Leng Chan as a strategic investor. The placement immediately cut

Ezion Holdings (EZI SP)
What's new: Ezion's share price has corrected by about 45% YTD, due to a combination of low oil prices from the weak global macro outlook as well as its disappointing 1H15 earnings, in our view. However, we believe the liftboat industry should remain

Ezion Holdings (EZI SP)
This was due to persistent downtime for its service rigs, meaning that despite ..... Ezion Holdings is an offshore-marine logistics and support services company.

Ezion Holdings (EZI SP) Strong EPS Growth ...
SGD3.18 to reflect our FY14F EPS cut. Our TP is pegged to a 13x. FY14F P/E. We remain positive on Ezion given its undemanding valuation at 10x FY14F P/E, high earnings visibility from its USD1.8bn charter backlog and positive demand outlook for servi

Ezion Holdings (EZI SP) Priced For Worst-Case ...
Current share price imputes overly-conservative assumptions. At a ... repair costs, Ezion's cash flow to equity from the contracts in hand today and asset ...

Venture Corp (VMS SP) - RHB Research Institute
Feb 27, 2014 - SGD3.1m as the group separated it out from the other segments. ♢ 1Q14 likely to remain weak. Going forward, the printing and imaging segment is expected to remain weak as Venture's foray into mobile and. 3D printing will take time to

Venture Corp (VMS SP) - RHB Research Institute
Feb 27, 2014 - (245). (244). (243). Shareholders' equity. 1,868. 1,797. 1,827. 1,821. 1,834. Minority interests. 3. 2. 2. 2. 2. Other equity. 0. 0. (0). (0). (0). Total equity. 1,871. 1,800. 1,829. 1,823. 1,837. Total liabilities & equity. 2,555. 2,3

Riverstone Holdings (RSTON SP) A Stellar 1Q15 - RHB Research ...
May 5, 2015 - Free float (%). 32. Share outstanding (m). 371. Shareholders (%). Mr Wong Teek Son. 50.8. Mr Lee Wai Keong. 13.0. Share Performance (%). YTD. 1m. 3m. 6m ..... Sound management ensures solid financial health. • Enlarging capacity provi

Riverstone Holdings (RSTON SP) A Stellar 1Q15 - RHB Research ...
May 5, 2015 - Riverstone Holdings (RSTON SP). 5 May 2015. See important disclosures at the end of this report. 4. Financial Exhibits. Balance Sheet (MYRm). Dec-12. Dec-13. Dec-14. Dec-15F. Dec-16F. Total cash and equivalents. 64. 114. 79. 120. 156. I

ISOTeam (ISO SP) Stellar FY15 - RHB Research Institute
Aug 28, 2015 - With a positive outlook, we maintain BUY with an unchanged ..... following such link through the report or RHB website shall be at the recipient's ...

ISOTeam (ISO SP) Stellar FY15 - RHB Research Institute
Aug 28, 2015 - home retrofitting and green solutions businesses, saw the highest ... interior design works for the Aloha Loyang resort under the Public ..... or following such link through the report or RHB website shall be at the recipient's own ...

Pacific Radiance (PACRA SP) Book Value ... - RHB Research Institute
Nov 13, 2015 - 9-10 months, but this is now raising safety, compliance and production ..... If the Financial Services and Markets Act of the United Kingdom or ...

Pacific Radiance (PACRA SP) Book Value ... - RHB Research Institute
Nov 13, 2015 - Source: Company data, RHB. Radiance had ... Oil majors have managed to postpone maintenance jobs for ... Complementary Business. 6.759.

Neo Group (NGL SP) Affected By Seasonality - RHB Research Institute
Aug 12, 2015 - loss of SGD0.5m after accounting for exceptional items. Maintain BUY and SGD1.20 TP (49% upside, ... 2. Figure 1: Umisushi's delivery pamphlet. Figure 2: Neo Garden's advertising booklet with different catering packages .... Advanced a

billion&below - RHB Research Institute
Jan 5, 2016 - concentrations of prime hotels in London. An asset rejuvenation/capital recycling story and cheap valuation makes the stock a compelling pick. Model Portfolio. ♢ Since the inception of our model portfolio back in. September 2015, it h

Ezion Holdings Ltd
Jul 22, 2014 - J.P. Morgan does and seeks to do business with companies covered in its research reports. As a result ..... Singapore, Ezion stands out as one of the cheapest stocks, in our view, at a FY14E. P/E of 10.5x. ..... or your J.P. Morgan rep

Ezion Holdings Ltd
Jul 15, 2014 - Source: Company data, Bloomberg, J.P. Morgan estimates. Company Data. Shares O/S (mn). 1,315. Market Cap ($ mn). 2,108. Market Cap ($ mn). 2,108 ...... and distributed by JPMSAL in New Zealand only to persons whose principal business i

Eu Yan Sang - RHB Research Institute
Aug 26, 2015 - and wellness products under the Eu Yan Sang brand name. ... as, an offer or a solicitation of an offer to buy or sell the securities .... websites.

Croesus Retail Trust - RHB Research Institute
Sep 30, 2015 - 90. Share outstanding (m). 643.6. Shareholders (%). Target Asset Management. 7.5. DBS Bank. 6.5. AR Capital Pte Ltd. 4.7. Share Performance (%) ..... This report was prepared by RHB and is being distributed solely and directly to “ma

On a Roll - RHB Research Institute
See important disclosures at the end of this report. Powered by EFATM Platform. 1. Company Update, 22 July 2014. M1 (M1 SP). Buy (Maintained). Communications - Telecommunications. Target Price: SGD4.30. Market Cap: USD2,705m. Price: SGD3.63. On a Rol

Eu Yan Sang - RHB Research Institute
Aug 26, 2015 - in Hong Kong, which has affected sales to parallel traders from. Mainland China. ... Soft retail market across the board, coupled ..... websites.

REITS NEUTRAL The REITs Pulsebeat - RHB Research Institute
Jul 6, 2015 - The CVIX (Currency Volatility Index) was also up 4.2% ...... Foreign companies may not be subject to audit and reporting standards and ...

Midas Holdings (MIDAS SP)
enjoys good relations with CSR; 2) CNR should retain a big say in ...... Malaysia: This report is issued and distributed in Malaysia by Maybank ... Saudi Arabia.

Vard Holdings (VARD SP)
Vard Holdings (VARD SP). Not out of deepwaters .... Vard Holdings. Figure 1: Quarterly profit and loss ..... of Institutional Research. (84) 8 44 555 888 x 8181.