Ezion Holdings - RHB Invest 2015-12-02: Toughing Through These Trying Trough Times

EZION HOLDINGS LIMITED 5ME.SI 

Ezion Holdings (EZI SP) - Toughing Through These Trying Trough Times 

• Ezion’s FY15 earnings are likely to be weaker YoY on some operating drag from eight vessels in dry-dock out of a fleet of 26 (as at Sep 2015). 
• The company should see net increases in fleet utilisation as these dry-docked units progressively return to work by 1H16. 
• Nine new units are to join the fleet to begin their long-term charters through FY16. 
• The stock trades at a 40% discount to BV, even though it would deliver a decent 11% ROE in this trough year 

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