Singapore Stock Picks: Ezion Holdings BUY (Target Price SGD2.65)

Ezion Holdings: SGD2.11 BUY (TP: SGD2.65) Strong Earnings From Bigger Fleet Of Service Rigs Ezion reported solid 3Q13 net profit of USD38.2m (+137% y-o-y) thanks to higher revenue from service rigs and logistics support operations in Australia. We maintain our FY13-15F EPS estimates pending an update with management. The strong set of results reaffirmed our BUY rating on the stock. Our SGD2.65 TP is based on 16x blended FY13/14F EPS. 3Q13 earnings above expectations. 3Q13 net profit surged by +137% y-o-y to USD38.2m, thanks to higher revenue (+97% y-o-y) from the deployment of more service rigs and contributions from offshore logistics support services in Australia. Excluding a USD18m gain from disposal, 9M13 core net profit of USD103m (+127% y-o-y) accounted for 78% of our FY13 forecast. We believe the stronger-than-expected earnings were boosted by solid operations in Australia and lower interest expenses arising from interest capitalised for assets under construction. Balance sheet gearing at 1.05x. Ezion ended 3Q13 with a gross debt of USD1bn and gross cash of USD209m. Cash generation was in line with our estimate - 9M13 net inflow from operating activities was at USD82.8m. We expect net gearing to stay at around 1.0x by end-FY13. Assuming no new capex, net gearing will fall to 0.86x in FY14F and 0.52x in FY15F. We believe the current gearing level is not aggressive, as the business is supported by long-term charter contracts. USD1.9bn charter backlog. Ezion has won nine new charter contracts worth USD584m in 2013 and we estimate a total charter backlog of around USD1.9bn. More service rigs are expected to start deployment in 4Q13 and we see an upside risk to our FY13 EPS estimates. Based on its existing pipeline, Ezion’s fleet will grow to 29 units by FY15. Maintain BUY with SGD2.65 TP. At our TP, the stock is valued at 11x FY14F P/E. We like Ezion for its strong earnings visibility and growth, and undemanding valuation of 9x FY14F P/E. We expect the robust demand for service rigs to translate into more new charters for the company.

Intraday Trading Results for Oct 2013 on Malaysia CPO

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Malaysia CPO Intraday Trading Results for Sept 2013

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Mini Asset Management with Target Returns of 5 percent per quarter.

Hi there, I am showing you the results of my stock picks for the Malaysian equities with a targetted return of 5% or more for my customers who are willing to use my service to managed a small capital of $10K and above for their hard earn money. Basically my benchmark is to outperform the return provided by EPF(Employee Provident Fund) with an average return of only 6.3% for the last 5 years. What i have done is i have selected those stocks that meet my stock pick growth criteria which obviously i do not reveal as this is my proprietary formula. Basically i will let you see the results since the stock picks in August the first till 1st Oct 2013. The portfolio is rebalanced on every Quarter. I will publish my new stock picks on my next post. If you are interested on no frills asset management/fund management with a small outlay of $10K, please drop me an email at dmgasia@gmail.com. There is no upfront fees. Just performance fee of 10% per annum based on profit. So here it is with no Bull Shit Figures. All profit/loss shown are gross amount:-

Malaysia CPO Intraday Trading Results for August 2013

I am sharing with you my Intraday Trading Results on CPO Malaysia for the Month of August 2013. The intra day trading strategies are based on our proprietary subscription based trading signal provide by us for traders who would like to trade on intraday. To obtain my informations on the subscriptions, please drop me an email at dmgasia@gmail.com Here are the intraday trading results for August

2013.

Malaysia CPO Intraday Trading Results for July 2013

I am sharing with you my Intraday Trading Results on CPO Malaysia for the Month of July 2013. The intra day trading strategies are based on our proprietary subscription based trading signal provide by us for traders who would like to trade on intraday. To obtain my informations on the subscriptions, please drop me an email at dmgasia@gmail.com Here are the intraday trading results for July 2013.

Malaysia CPO Intraday Trading Results for June 2013

I am sharing with you my Intraday Trading Results on Crude Palm Oil for the Month of June 2013. The intra day trading strategies are based on our proprietary subscription based trading signal provide by us for traders who would like to trade on intraday. To obtain my informations on the subscriptions, please drop me an email at dmgasia@gmail.com Here are the intraday trading results for June 2013.