One-tanker Indonesian subsidiary does little for Ezion’s profits: OCBC

SINGAPORE (Sept 16): OCBC Investment Research is maintaining its “hold” call on Ezion Holdings with an unchanged target price of 30 cents, with the view that the group’s recent acquisition of an Indonesian shipping company has “little impact on earnings estimates for now”.

(See also: Inflexion point ahead for Ezion)

Ezion in June announced its wholly-owned subsidiary, ES Indonesia, had entered into a joint venture (JV) agreement to acquire a 49% stake in an Indonesian company that will own, charter and operate vessels.

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