short 500 lots at around 60c...hopefully drop to 30c to cover back! cool...
Dear all, I will be doing a post on Ezra on my blog very soon. It will explain the Group's prospects and I will also share why I am happy that the Group did NOT pay a dividend for FY 2008 (except the special one for HY 2008).
Thanks.
drhobh ( Date: 22-Oct-2008 11:38) Posted:
Very informative analysis "sgdividends". Thanks we need more forumers like you.
Note too that Ezra has decided to skip dividend payout for this financial year. Probably not enough free cash flow available to pay any dividends. This is a significant signal. And reading the press releases from Ezra there is not a word of explanation on this non-payment of dividends which is a significant difference from last financial year's dividend payout of 3.55 cents. All they talk about is how well the company is doing and how rosy the future is going to be.
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Citi Research Downgrade EZRA to 0.55 TP.
Citi Investment Research is a division of Citigroup Global Markets Inc. (the "Firm"), which does and seeks to do business with companies covered in its research reports. As a
result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a
single factor in making their investment decision. Non-US research analysts who have prepared this report are not registered/qualified as research analysts with the NYSE
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1Citigroup Global Markets Singapore PTE LIMITED
Citigroup Global Markets Equity Research
Asia Pacific Singapore
Oil & Gas Equipment & Services (GICS) Oilfield Equipment & Services (Citi)
Company Focus
22 October 2008 19 pages
Ezra Holdings (EZRA.SI)
Sell: An “Exceptionally” Weak 4Q08
Exceptional items drag down 4Q08 — While FY08 recurring PATMI of
US$49.9mn was in line with our estimates, 4Q08 PATMI of US$6.7mn fell
below our estimate of US$12.6mn due to exceptional items including specific
provision for doubtful debt and losses from vessel sale and leaseback program.
We caution that risk of doubtful debts may increase as industry environment
turns challenging, while committed capex may face further inflation.
Higher funding costs possible — A number of Ezra’s bankers are trying to
invoke the “market disruption clause” on its long-term capex financing and if
successful, funding costs may increase by “less than 200 bps”. In our view,
bargaining power has shifted from SMEs to bankers, and risks are escalating
for Ezra as the group is dependent on debt for its >US$600mn capex program.
Charter rates have peaked — We maintain our view that charter rates have
peaked especially for small to mid-sized vessels. Rates for deepwater vessels
will likely stabilize and offer better visibility. Ezra’s young fleet with deepwater
capabilities should be more sheltered from softening industry fundamentals,
but earnings growth trajectory is likely to be more gentle than post-IPO days.
No re-rating catalysts — We revise our earnings estimates slightly, and are 5-
28% below FY09-10E consensus estimates. Recent poor results, possible
estimate cuts by the street, poor guidance and disclosures, dependence on
debt, and less robust industry fundamentals combine for a poor investment
thesis, in our view. We maintain Sell (3H) and cut our target price to S$0.55.
Ezra shares may trade at trough valuations until re-rating catalysts emerge.
shortists win! see...those listen to me that shorted earlier made $$$ liao...Dun worry, still got meat to shot as 30c or below is confirmed!
its 3qtr profit jumped 6 fold, alrdy surpassing FY07 earnings. Cash flow and gearing remained healthy as Co looks set for a record yr.
its 2H07 was held on 16 Oct 07. hence its record book opening should be around this period liao. henceforth, that could be very very good news liao.
tchoonw ( Date: 21-Oct-2008 14:08) Posted:
confirmed bad news! can short when share resumes trading...
yongk666 ( Date: 21-Oct-2008 12:29) Posted:
| Trading Halted at 21 Oct abt 1030am,, why??.. Bad news or Good news??? |
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I think it is just an announcement of earnings - full year report.
yongk666 ( Date: 21-Oct-2008 12:29) Posted:
| Trading Halted at 21 Oct abt 1030am,, why??.. Bad news or Good news??? |
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I tot Ezra just announce a US$100 millions contract?? so fast bad news..
confirmed bad news! can short when share resumes trading...
yongk666 ( Date: 21-Oct-2008 12:29) Posted:
| Trading Halted at 21 Oct abt 1030am,, why??.. Bad news or Good news??? |
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Trading Halted at 21 Oct abt 1030am,, why??.. Bad news or Good news???
cos they short it themselves so that allow u to long to buy it from them...
crimson ( Date: 20-Oct-2008 14:38) Posted:
Now POEM only allow Long for this counter 
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Now POEM only allow Long for this counter
i ve been a shortists for the past 2 mths...whatever i shot, i made! hope u ve done it too...:-)
Juzztrade ( Date: 20-Oct-2008 11:43) Posted:
| You are right, with CFDs you can short-sell shares effectively without having to borrow them. Further more Trade + 30 Calendar Days Settlement. Happy Trading. |
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You are right, with CFDs you can short-sell shares effectively without having to borrow them. Further more Trade + 30 Calendar Days Settlement. Happy Trading.
ho sei ah! ezra is only 56.5c niah... we should see below 40c soon! at this kind of mkt condition still can trade above 50c is consider overvalued liao! based on others benchmarking, it should be around 20c now!
tchoonw ( Date: 17-Oct-2008 11:28) Posted:
shorted heavy at 64c using cfd...expect to be another sino-env soon to hit below 40c! hehehe...shortists rule the mkt forever from now :-)
EastonBay ( Date: 17-Oct-2008 11:22) Posted:
another ex market darling hitting the dirt... anyone has any insight?
| Ezra |
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0.610 |
-0.070 |
-10.3 |
1,337 |
14 |
0.610 |
0.615 |
29 |
0.725 |
0.600 |
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