In its latest development, Ezion has formed a joint venture with China Merchant Group’s 52%-owned subsidiary, TSC Group to cooperate in the ownership and operations of liftboats.
SINGAPORE (Feb 7): DBS Group Research is downgrading Ezion Holdings, the provider of service rigs and offshore logistics support services, to “hold” with lower target price of 6 cents.
This comes after the research house pegged the stock a lower target multiple of 0.3x FY19F book value versus 0.8x previously, in anticipation of potential asset impairments and slower-than-expected ramp up in utilisation and revenue.
