Ezion eyes 4 more vessels in 2013

3-year earnings forecast climbed to 56%.

According to DBS, in its base case scenario, Ezion could add a further 4 vessels to its fleet during the rest of FY13 and another 8 in FY14 if it gears up to 1.3x, resulting in a 3/15% increase in our FY14/15F core earnings. Its recurring 3-year EPS CAGR will rise from 49% to 56%.

DBS noted that there is room for further upside to its revised numbers from JV projects, sales & leaseback and equity raising exercises, which DBS has not factored in yet.

Here's more:

Fast growing international footprint. As a relatively young player that started off in 2007, Ezion has made a significant breakthrough by securing liftboat/service rig contracts from national and independent oil companies for offshore Malaysia, Indonesia, Brunei, Myanmar, Vietnam, India, Middle East, and even as far as Denmark and Mexico.

Given the low penetration rate of liftboats in Southeast Asia, Ezion is well positioned to ride the potential rising substitution for liftboats and service rigs over workboats in the region. In addition, its strengthening ties with Pemex would allow Ezion to tap into the robust offshore activities in GOM.

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