Ezion started at Buy with $0.85 target by Pareto Sec

Pareto Securities starts Ezion Holdings (5ME.SG) at Buy with $0.85 target price, pegged at 8.3x FY12 P/E, according to Dow Jones. Pareto Securities notes supplier of offshore support vessels adopts growth strategy focusing on Australian liquified natural gas, lift-boat markets. Broker says Western Australia’s offshore LNG market growing rapidly, with total estimated capex for LNG projects approaching US$120 billion ($163 billion). Adds Ezion’s recent moves to set up two supply bases in Australia will better enable company to bid competitively for projects. Notes Ezion has 4 lift-boats, of which two are secured charter contracts until 2014. Shares closed –0.8% at $0.625 yesterday.