Ezion

Ezion: OCBC reiterates Buy, lifts TP to $2.05 from $1.70. Notes , with the investment of $19m in Ezion by EDBI in mid Dec-12, together with Tan Boy Tee coming on board as a strategic partner and financier, it is likely that the company will continue to enhance its visibility on its Oil & Gas capabilities in the global scene. Highlights more room for new projects without significant fund raising, as well as the use of JVs and sale-and-leaseback options on new projects. Meanwhile, Maybank KE says Ezion will continue to undergo a growth phase with regards to new projects in 2013 with further upside increasing. At current share price, Ezion trades at an implied FY13F PER of 8.0x, which assumes that there is currently no premium priced in for future new projects. The house also keeps at Buy, lifts TP to $2.30 from $1.81.