Ezion Holdings

DBSV Research: Heading North (Buy)

http://www.remisiers.org/cms_images/rese...y_DBSV.pdf

Kim Eng Research (Buy)

http://www.remisiers.org/cms_images/KE-S...062011.pdf

Ezion Holdings: JV secured US$73m Denmark jackup rig deal (Buy)

http://www.remisiers.org/cms_images/rese...asport.pdf

Analyst are largely positive with the latest JV deal (the 2nd this year) with its expected ROE of 35% meaning that Ezion should recoup its capital by the end of the charter agreement.

(Not Vested)

LIFTBOATS FURTHER JACK EZION GROUP’S NET PROFIT IN 1H2011 UP BY 101% TO REACH RECORD HALF YEAR RESULTS OF US$34.7 MILLION

• Strong balance sheet with low net gearing of 0.18 x and high interest service coverage of 34.3 x will provide solid foundation to meet customer’s demand for future growth

• Strong recurring income going forward with the deployment of key assets and ongoing and new offshore logistics LNG projects provides strong long term cash flow for Ezion Group

http://info.sgx.com/webcoranncatth.nsf/V...2003ED17D/$file/Ezion_2Q2011_results.pdf?openelement [SGX Announcement]

http://info.sgx.com/webcoranncatth.nsf/V...20026C1E2/$file/Ann_Media_Release_Results.pdf?openelement [Press Release]

http://info.sgx.com/webcoranncatth.nsf/V...2003BB9D7/$file/EzionPresentation.pdf?openelement [Presentation Slides]

http://info.sgx.com/webcoranncatth.nsf/V...2001907CC/$file/Ann_Capital_Securities.pdf?openelement - PROPOSED ISSUE OF SINGAPORE DOLLAR DENOMINATED PERPETUAL CAPITAL SECURITIES

Trading remains halted.

(Not Vested)

(05-08-2011, 04:48 PM)Nick Wrote: PROPOSED ISSUE OF SINGAPORE DOLLAR DENOMINATED PERPETUAL CAPITAL SECURITIES

I assume this means SGD Preference Shares?

the capital assets of Ezion have a limited life, but the company is issuing perpetual capital security....

Trading halt of Ezion saved it from the plunge today...
I wonder how will it fare on MONDAY....

Plunge 10% ?

EZION GROUP AWARDED AN INITIAL CONTRACT WITH AN APPROXIMATE VALUE OF US$ 55 MILLION TO PROVIDE FULL LOGISTICS AND SUPPORT SERVICES FOR THE DEVELOPMENT OF LNG FACILITIES ON CURTIS ISLAND, QUEENSLAND, AUSTRALIA

http://info.sgx.com/webcoranncatth.nsf/V...200187394/$file/Ann_Curtis_Island_Pjt.pdf?openelement [Announcement]

http://info.sgx.com/webcoranncatth.nsf/V...20018DAC0/$file/Ann_Media_Release_Curtis_Island_Pjt.pdf?openelement [Press Release]

Ezion shares remains halted.

(Not Vested)

FY12 (ended 31Dec12) full-year results just out.....
http://info.sgx.com/webcoranncatth.nsf/V...8003E51D4/$file/Ezion_FY2012_Results_Announcement.pdf?openelement

My simple view and observations: This business as at 31Dec12 carries a huge USD925.3m total balance in Non-current assets - including USD793.7 in Plant and equipment (net of depreciation for the year of only USD16.6m!!) and USD122.5m in investment in Joint ventures - which are supported by USD482.5m in Total external borrowings and USD52.8m in Other payables. In FY12, this huge Non-current assets base generated a Revenue of USD158.7m and an aftertax operating FCF (before accounting for gain from asset disposal and capex) of USD82.1m - which itself is not much higher than the reported NP of USD78.8m!

IMHO, this business is designed to appeal to investors who like to look at quick business growth and big/growing accounting profits, as opposed to 'cash' profits which I am more interesed in.

Ezion has declared a small Final dividend of only $0.001/share (vs. a reported fully diluted EPS of USD0.0912). Of course, naturally the banks lending to Ezion would require that FCF generated from the Non-current assets and business to be first applied to pay down their loans.

Agree Ezion and Ezra ROIC looks very capital intensive, and unconvincing on a FCF basis. But Ezra is the one with pattern more than badminton.

Ezra is like that schoolboy who has tried every single trick in the book to get your lunch money,

Ezion is that schoolboy mugging away in the corner trying to digest everything in the textbook not knowing what is going to come out for exam. Everything also just whack. Then you have YHM who is Ezion's little sister helping to carry his textbooks that drop on the floor.

http://infopub.sgx.com/FileOpen/Ezion_An...eID=290099

Share exchange for subscription of new shares in JK Tech - no cash involved but for sure will attract interests in smallish JK Tech. Typical darling stock action - issue paper for corporate actions

Ezion Holdings takes up strategic stake in JK Tech Holdings

Published on Apr 06, 2014
6:46 PM

newspostPurchase this article for republication
photobankBuy SPH photos

By Dennis Chan

Ezion Holdings is taking a strategic stake in Catalist-listed JK Tech Holdings.

The mainboard-listed has agreed to subscribe for 42 million new JK Tech shares at nine cents apiece or $3.78 million.

The offshore marine group also has an option to acquire an additional 260 million shares at nine cents apiece.

Giving its rationale for the investment, Ezion said it had come across opportunities in the exploration, exploitation and production of oil and gas in the course of its business.