Ezion Holdings (5ME.SG) +1.6% at $0.65 as stronger 2Q10 performance suggests demand for company’s offshore support vessels, logistics services likely to remain resilient, says Dow Jones.
Expectations backed by Ezion clinching A$70 million ($85.4 million) contract from unnamed multi-national oil major to carry out marine logistics work in Australia over 4 years.
Project comes just weeks after Ezion unveiled plans to set up 2 bases in Australia to support country’s offshore oil & gas sector.
“With the set-up of the two Australian marine supply bases, we are expecting Ezion to secure (more) marine logistics contracts,” says CIMB, which has Outperform call with $0.98 target. 2Q10 net profit at $16.5 million vs S$4.1 million year earlier on gain from divestment of 1 of its jack-up rigs, plus higher chartering revenue.
Orderbook quotes suggest this week’s high of $0.675 unlikely to give way.
|
No comments:
Post a Comment