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OSPL - MARKET PULSE: Ezion, Olam (3 Jan 2013) Inbox | |  Thu, Jan 3, 2013 at 9:32 AM | | |
MARKET PULSE: Ezion, Olam
3 Jan 2013
KEY IDEA
Ezion Holdings: Higher valuations are justified
Since our last report on Ezion Holdings on 21 Nov 2012, its share price has appreciated by about 26%. There was hardly any major news on the company
within this short period, except for the announcement in mid Dec that EDB Investments (EDBI) had invested S$19m in Ezion. This allows Ezion to
leverage on EDBI’s extensive network of resources, and also enhances Ezion’s reputation in the global scene. With growing market recognition of
Ezion’s capabilities, we believe that the group has successfully graduated to the mid-cap league which generally enjoys higher valuations. We
increase our peg to 12x FY13F earnings (prev. 9x), and also take into account a mild 1.6% dilution in the share base with EDBI’s entry. As such, our
fair value estimate rises from S$1.70 to S$2.05. Maintain BUY. (Low Pei Han)
MORE REPORTS
Olam Int’l: Temasek now owns 19% stake
Olam International (Olam) recently revealed that Temasek Capital (Private) Limited has increased its deemed interest in the company to 19% as of 28
Dec 2012; this up from around 16% before the Muddy Waters allegation on 20 Nov 2012. However, we continue to believe that there are still several
medium- to long-term issues that need addressing. We also foresee potential economic headwinds for the commodity sector as a whole. As such, we
maintain our HOLD rating and S$1.44 fair value for now. (Carey Wong)
For more information on the above, visit www.ocbcresearch.comfor the detailed report.
NEWS HEADLINES
- US stocks surged on Wed after a budget deal to avoid the fiscal cliff was reached. The Dow rose 2.4% to 13,412.55, the S&P 500 index gained 2.5%
to 1,462.42 and the Nasdaq finished 3.1% higher at 3,112.26.
- Global Logistic Properties has leased ~112k sq ft of space at its GLP Park Jiashan logistic facility in Zhejiang Province in eastern China to
supermarket giant Tesco.
- Tritech Group has been awarded two contracts worth S$4.22m for site investigation works related to the proposed construction of a cable tunnel
from the northwest of Jurong Island to Pioneer Road on mainland Singapore.
- Jackspeed Corp has completed the sale of its leasehold property at Tampines Industrial Avenue 5.
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03-Jan 2013 Thursday
9:25 AM (4132 days ago)
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