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Ezion Holdings
11-05-2018, 11:46 PM, (This post was last modified: 11-05-2018, 11:49 PM by CY09.)
Post: #161
RE: Ezion Holdings
http://infopub.sgx.com/FileOpen/Ezion_1Q...eID=505370

Ezion has delivered its Q1 results and its losses is significant (USD$46 million)

What is interesting is page 10/11 of the results in which Ezion has revealed that post re financing its NAV is 12.14 US cents or about 16 SG cents now. IMO, i expect Q3 financial results to turn into profits because Ezion is currently utilizing its cash to deploy its liftboats on site for contracts. However on a full financial year, i think Ezion will probably report a full year loss (albeit probably in a few million range)

<vested and probably interested to add more>

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11-05-2018, 11:59 PM, (This post was last modified: 12-05-2018, 12:02 AM by tonylim.)
Post: #162
RE: Ezion Holdings
(11-05-2018, 11:46 PM)CY09 Wrote: http://infopub.sgx.com/FileOpen/Ezion_1Q...eID=505370

Ezion has delivered its Q1 results and its losses is significant (USD$46 million)

What is interesting is page 10/11 of the results in which Ezion has revealed that post re financing its NAV is 12.14 US cents or about 16 SG cents now. IMO, i expect Q3 financial results to turn into profits because Ezion is currently utilizing its cash to deploy its liftboats on site for contracts. However on a full financial year, i think Ezion will probably report a full year loss (albeit probably in a few million range)

<vested and probably interested to add more>

Hi CY09 , 

Do you think the result is worst than expected ? Thanks.

''utilizing its cash to deploy its liftboats on site for contracts ''-- Pls enlighten what is this means ?

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12-05-2018, 12:05 AM,
Post: #163
RE: Ezion Holdings
Hi tony,

You will need to read the past announcement to understand how Ezion is using cash raised for lifeboat deployment

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12-05-2018, 12:09 AM,
Post: #164
RE: Ezion Holdings
(12-05-2018, 12:05 AM)CY09 Wrote: Hi tony,  

You will need to read the past announcement to understand how Ezion is using cash raised for lifeboat deployment

Thought EZION already owns and possess the lifeboats , why is there a need to have cash for deployment ?

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12-05-2018, 10:26 AM,
Post: #165
RE: Ezion Holdings
(12-05-2018, 12:09 AM)tonylim Wrote:
(12-05-2018, 12:05 AM)CY09 Wrote: Hi tony,  

You will need to read the past announcement to understand how Ezion is using cash raised for lifeboat deployment

Thought EZION already owns and possess the lifeboats , why is there a need to have cash for deployment ?

Hi CY09 ,

Searched and read  announcements thru SGX , but simply just couldn't find any announcement that was related to ''cash raised for lifeboat deployment ''.
Appreciate if you can share what is this ? Thanks.

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12-05-2018, 11:03 AM, (This post was last modified: 12-05-2018, 11:03 AM by specuvestor.)
Post: #166
RE: Ezion Holdings
(11-05-2018, 11:46 PM)CY09 Wrote: http://infopub.sgx.com/FileOpen/Ezion_1Q...eID=505370

Ezion has delivered its Q1 results and its losses is significant (USD$46 million)

What is interesting is page 10/11 of the results in which Ezion has revealed that post re financing its NAV is 12.14 US cents or about 16 SG cents now. IMO, i expect Q3 financial results to turn into profits because Ezion is currently utilizing its cash to deploy its liftboats on site for contracts. However on a full financial year, i think Ezion will probably report a full year loss (albeit probably in a few million range)

<vested and probably interested to add more>

Strange, looking at the equities number & Non current liability pro forma it doesn’t seems that they took into account the convertibles converting
Before you speak, listen. Before you write, think. Before you spend, earn. Before you invest, investigate. Before you criticize, wait. Before you pray, forgive. Before you quit, try. Before you retire, save. Before you die, give. –William A. Ward

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12-05-2018, 11:22 AM,
Post: #167
RE: Ezion Holdings
Hi tony,

Ezion mentioned it is trying to re deploy some of its large assets, however due to working capital constraints (aka not enough cash), they are unable to send their assets to the places for the contracting revenue in time.

Hence Ezion needs sufficient working capital (cash) to deploy it assets to the right place and start earning charter revenue. It will probably be completed in mid Q2 then will contracted revenue start to be recognised.

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12-05-2018, 11:51 AM,
Post: #168
RE: Ezion Holdings
(12-05-2018, 11:22 AM)CY09 Wrote: Hi tony,

Ezion mentioned it is trying to re deploy some of its large assets, however due to working capital constraints (aka not enough cash), they are unable to send their assets to the places for the contracting revenue in time.

Hence Ezion needs sufficient working capital (cash) to deploy it assets to the right place and start earning charter revenue. It will probably be completed in mid Q2 then will contracted revenue start to be recognised.

Hi CY09 ,
Many thanks for your sharing.

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15-05-2018, 04:03 PM, (This post was last modified: 15-05-2018, 04:08 PM by tonylim.)
Post: #169
RE: Ezion Holdings
Ezion an opportunity for bottom-fishing after unexpected selldown, says DBS


SINGAPORE (May 15): DBS Group Research is maintaining a  buy on Ezion Holdings saying the stock provides a bottom-fishing opportunity.

With successful restructuring, improving outlook and strategic shareholders coming in above 20 cents, DBS says it did not expect the stock to be sold down to 0.5 times impaired book value.

Since the lifting of share trading suspension on April 17, Ezion shares has trended lower. given selling pressure from Prudential - M& G which was paring down its stake to below its initial 5.65% or 132 million shares.
 


We surmise some stakeholders may have cashed out at a loss, says DBS analyst Ho Pei Hwa in a Monday report, as of May 9, approximately 44% or 813 million shares were issued from bondholders conversion.

This will transfer US$100 million of debt to equity. In addition, there is also an equity injection from strategic investors as well as new shares issued for professional fees and consent fees of US$60 million in total.

Surprisingly, Ezion&rsquo s trading volume has been overwhelmingly high with more than 2.4 billion shares or 138 million shares changing hands daily since resumption of trading.

Ezion had put out a clarification on Apr 30 that the company is not aware of any development that may contribute to the unusual share price movement and drew attention to the Securities and Futures Act which prohibits market manipulation.

Regardless, Ho holds on to the view that Ezion is poised to re-rate from its current low valuation which reflects insolvency.

This should be led by successful refinancing exercise which provides a six-year runway, improving utilisation and day rates driving an earnings recovery Temasek-linked Pavilion Capital as strategic investor boosts confidence and potential strategic partners to brighten growth prospects.

 We believe potential tie-ups with prominent industry players enhances Ezion&rsquo s growth prospects, which would otherwise be constrained by its high gearing level. This serves as a catalyst for further re-rating,&rdquo says Ho.

 We value Ezion based on 1.4 tines FY18 book value, in line with the valuation multiple ascribed to SGX-listed peer PACC Offshore (POSH) post massive impairments, arriving at a target price of $0.29,&rdquo says Ho.

Our FY18F book value has factored in ~US$1.1bn total impairments made in 2015-2017 and assumes full conversion and exercise of bondholders&rsquo warrants

As at 1.22pm, shares in Ezion are trading 0.2 cent lower at 11 cents.

http://www.theedgesingapore.com/ezion-op...n-says-dbs

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