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(Post 1 of 326)   07/28/2003.17:30:22
Author :
Mccool
Why CH Offshore moved (per Starrynight. Thanks.)

Company: Ezra Holdings
Issue price: S$ 0.340
Closing date: 06/08 8 days 6 hours left
Expected listing date: 08/08

More info

Our Company was incorporated in Singapore on 23 March 1999 under the Companies Act as a private company limited by shares under the name of L&E Rent-A Car Pte Ltd. We changed our name to Ezra Marine Engineering & Construction Pte Ltd on 6 January 2000 and to Ezra Holdings Pte Ltd on 2 October 2000. On 24 June 2003, we were converted into a public limited company and assumed our present name, Ezra Holdings Limited.

Overview of our Principal Business

We provide Offshore support vessels and services to the Offshore oil and gas industry. We also provide the shipping industry with other marine services such as provision of marine supplies and engineering services. Our business activities are carried out by the following divisions in our Group:

* Offshore Support Services Division; and

* Marine Services Division.

Company website

(Post 2 of 326)   07/28/2003.17:31:55
Author :
Sipost
EZRA HOLDINGS LIMITED, AN OFFSHORE SUPPORT AND MARINE SERVICES PROVIDER LAUNCHES IPO OF 28 MILLION NEW SHARES AT S$0.34 EACH

- Net proceeds of S$8.3 million
- Profitable track record


Singapore, 28 July 2003 - Ezra Holdings Limited (“Ezra”), a homegrown offshore support and marine services provider, today announced the launch of its initial public offering (“IPO”) of 28 million new shares at S$0.34 per share. The shares will be listed on the SESDAQ of the Singapore Exchange Securities Trading Limited (“SGX-ST”).

The total share offer, representing 18.9% of Ezra’s enlarged share capital, comprises a public tranche of 3 million shares and a placement tranche of 25 million shares. A total of 2 million reserved shares at 34 cents each are reserved for independent directors and employees. At the IPO price of 34 cents, the historical PE for Ezra is 13.6 times. The NTA per share, after adjusting for the net proceeds of the IPO, is 26.4 cents per share.

The net proceeds from the IPO, which will amount to about S$8.3 million, will be used as follows:

- Approximately S$7.3 million for the acquisition of a AHT vessel and a AHTS vessel; and
- the remaining S$1.0 million as working capital for the Group.


Ezra’s business history goes back to 1992 when Mr Lee Kian Soo and his wife, Ms Goh Gaik Choo started the business of managing and operating offshore support vessels. Today, Ezra has established a strong track record in providing offshore support vessels and marine services to the offshore oil and gas industry. It also offers the shipping industry other marine services such as the provision of marine supplies and engineering services.

Ezra’s principal market is located in South East Asia. Led by an experienced and competent management, Ezra prides itself in having a team of experienced personnel for its offshore support services. Besides offering a wide range of marine offshore logistics and management services, Ezra also owns a young fleet of vessels, which are specially designed and fitted with up-to-date technology and equipment to better meet the changing and diverse needs of its customers. Ezra’s fleet can be deployed to operate in different parts of the world, including regions with harsh environments.

Ezra’s turnover rose approximately 51.0% from S$10.0 million in the financial year ended 31 August (“FY”) 2001 to S$15.1 million in FY2002, while profit before tax increased by approximately 88.9% from S$1.6 million to S$3.1 million in the same period. Ezra’s HY2003 turnover for the six months ended 28 February (“HY”) 2003 increased to S$10.3 million compared to S$6.7 million in HY2002. This represents a 52.9% rise, while profit before tax increased 266.1% from S$0.9 million to S$3.1 million in the same period. In HY2003, Ezra recorded a net profit of approximately S$3.1 million, which exceeded the net earnings of approximately S$3.0 million for FY2002.

In launching the IPO, Mr Lionel Lee Chye Tek, Ezra’s Managing Director, commented, “The listing will raise our profile and facilitate our expansion to take advantage of the tremendous growth potential in the region’s oil and gas industry. We are confident that our experienced, yet young and dynamic team is capable of expanding our business into new horizons. We will continue to grow to meet the diverse needs of our customers.”

UOB Asia Limited is the manager, underwriter and placement agent of the issue while United Overseas Bank Limited and UOB Kay Hian Private Limited are the primary sub-underwriters and primary sub-placement agents. The offer will close 6 August 2003 at 12 noon, and trading is expected to begin on 8 August 2003.

Copies of the prospectus and application forms may be obtained on request, subject to availability from 28 July 2003 at UOB Asia Limited, members of the SGX, members of the Association of Banks and merchant banks in Singapore. Application for shares may be made on the application forms referred to in the prospectus or by way of electronic share applications at ATM of participating banks or through Internet Banking websites of the relevant participating banks.

(Post 3 of 326)   07/28/2003.17:33:51
Author :
Mccool
Hahaha. I beat Sipost to the first posting (by one minute).

(Post 4 of 326)   07/28/2003.17:37:02
Author :
Telford
Mccool - you are on form....what do you think of the way Ipco performed today? - Within your expectations?

(Post 5 of 326)   07/28/2003.17:48:33
Author :
Starrynight
Mccool,

you think CH offshore's performance today is linked to Ezra's listing?

pardon me, but what's CH Offshore's current PE ratio? Ezra's one is ard 15 right? (pdf doesnt loading quickly on my computer) thot it was slightly on the higher side...

(Post 6 of 326)   07/28/2003.17:52:53
Author :
Telford
Starrynight - PE is 11.63

(Post 7 of 326)   07/28/2003.17:58:17
Author :
Mccool
Hi Starrynight

CH Offshore PE based on year ending June 2002 is 11.63.

Doing a simple annualising of half year to Dec 2002 bottom line profit, shows that profit has increased by 18.5%. Therefore, PE would have dropped to around 9.8 at share price of 27 cts. (To be precise, you should take a look at their "outlook" commentary found in their interim announcement so as to assess whether a simple annualising of half-year profit to full-year is a fair one.)

Cheers




Follow-up (CH Offshore)

The market for offshore support vessels in the oil and gas industry in our region has been healthy since oil prices have been relatively high. However, the world economy remains uncertain with the possibility of war in Iraq. If the war should erupt, it would have a mixed impact. It could lead to higher oil prices, which may result in an increase in oil exploration and production activities. However, the war could have a negative economic impact on global business and this could be a drag on the global economic recovery and hence businesses, including ours, will be affected.

Despite this, our Group remains focused to improve our vessels yields by embarking on a fleet renewal programme. This programme will enhance the relevance and capability of the vessels to serve our customers better. To this end, we have contracted to build two vessels in October 2002 and another four are on option. We are also continuously upgrading our fleet to include additional safety and other special features, enhancing their versatility to allow us to bid for more value-added contracts and deploying our vessels in areas where demand is high and where the rates are better.

To optimise operational efficiency, we may bring forward some of the special surveys that were scheduled for next financial year. Consequently, utilisation is expected to be lower than the 1st half. In addition, repair and maintenance cost will remain high. Furthermore, should war materialise, fuel costs and insurance premiums may increase to add to overall operating cost.

Given the above, the directors expect the results of the 2nd half to be weaker than the 1st half.

Looking ahead to the next 12 months, if the US dollar continues to depreciate, our revenue which is mostly denominated in US dollar will be adversely affected. However, the Group will take steps to manage this exposure.

Save as disclosed herein, there are no material factors or events which may affect the earnings of the Group between this date up to which the report refers and the date on which the report was issued.


(Post 8 of 326)   07/28/2003.17:58:59
Author :
Starrynight
rightos... thanks!

(Post 9 of 326)   07/28/2003.17:59:09
Author :
Mccool
Telford

IPCO - market talk expects further price weakness in IPCO. Today's price action is not unexpected.

(Post 10 of 326)   07/28/2003.21:14:05
Author :
Sipost3
Dear Investors

The webcast for Ezra IPO Launch is available here.

The presentation slides for the IPO Launch is available here.

Thank you for your kind attention.

Regards.

(Post 11 of 326)   07/28/2003.23:06:27
Author :
Sipost
IPO Alert!
Ezra Holdings Limited - IPO launched
Subscription price: S$0.34 (see details in Invitation Stats below)
Closing:
6 August 2003 noon

Overview:

Ezra Holdings is today an integrated services provider supporting the offshore oil and gas industry. Their services are provided through the following business divisions :

Offshore Support Services Division

Ezra's offshore support services division provides offshore support vessels for charter. With a relatively young and modern fleet comprising four AHTS vessels and two crew boats, they serve customers mainly in the offshore oil and gas. Ezra also provides ship management services, both for their own vessels as well as third party vessels.

Marine Services Division

As a value-added service to their customers, Ezra provides marine supplies and engineering services including :

- sourcing for specialized products such as customized safety equipment package, fire-fighting units, deck machinieries, etc;
- engineering services such as ship and rig repair and installation, fabrication of steel structure and repair and overhaul services

Invitation Stats:

28,000,000 New Shares comprising:-

- 3,000,000 Offer Shares at $0.34 for each Offer Share by way of public offer; and

- 25,000,000 Placement Shares by way of placement, comprising:-

~23,000,000 Placement Shares at S$0.34 each; and
~2,000,000 Reserved Shares at S$0.34 each reserved for the
independent directors and employees


Useful Links:

1.Download Prospectus Here

2. Financial Snapshots

3. Subscribe for FREE EMAIL ALERTS here

(Post 12 of 326)   07/28/2003.23:09:47
Author :
Waitlonglong
This one will be a good buy. 3Mil to Public and total 28Mil only...hard to get hor??

WLL

(Post 13 of 326)   07/30/2003.22:34:06
Author :
You01
multivision announcement on contracts in china and tie-up look at shareinvestor or stock exchange of singapore for more info

(Post 14 of 326)   08/03/2003.08:13:52
Author :
Talkbutnoaction
From Zaobao

(Post 15 of 326)   08/03/2003.08:20:17
Author :
Talkbutnoaction
Sesdaq-aspirant Ezra prices IPO shares at 34 cents
BT 29/7/03
By LEONARD LIM

OFFSHORE support and marine services provider Ezra Holdings launched its initial public offering of 28 million new shares at 34 cents apiece yesterday for a Sesdaq listing.

Pegged at a historical price-earnings ratio of 13.6, the offer shares represent 18.9 per cent of the firm's enlarged capital base. They comprise a public tranche of 3 million units and a placement tranche of 25 million shares. Some 2 million shares are reserved for independent directors and employees. After adjusting for the net proceeds of the IPO, the company's net tangible assets per share will be 26.4 cents.

Homegrown Ezra expects net proceeds of about $8.3 million from the listing. Some $7.3 million will be set aside to acquire new vessels. The balance will be used as working capital.

Ezra boasts a strong client base and derives 70 per cent of its revenue from South-east Asia. Major customers include PTT Exploration and Production, an oil and gas company listed in Thailand.

Ezra's net profit for its 2002 fiscal year ended Aug 31 rose 87.5 per cent to $3 million from $1.6 million in FY01. Turnover increased 50.9 per cent from $10 million in FY01 to $15.1 million in FY02.

For the six months ended Feb 28, 2003, Ezra's net profit rose to $3.1 million from $830,000 a year ago. Turnover increased 52.9 per cent to $10.3 million.

Ezra's managing director Lionel Lee said the company intends to further develop its strategic partnership with mainboard-listed KS Tech - an oil and gas industry supplier that acquired a 25 per cent stake in Ezra in April this year.

Ezra's IPO closes at noon on Aug 6 and the new shares are expected to start trading on Aug 8.

(Post 16 of 326)   08/03/2003.16:20:46
Author :
Contrarian
How can this IPO be a good buy? Father earns $26,000 a month. Son earns $20,000 a month. Total pay of close to $0.5M per year. Let's look at results after IPO...

(Post 17 of 326)   08/03/2003.17:34:54
Author :
Mccool
$51K per mth (papa, mama and boy-boy), acc to the ST:

After Ezra's listing, Mr Lee, who once earned $30 a month as an apprentice sailor, will draw $25,000-a-month basic salary. Lionel will draw $20,000 and Mrs Lee, an executive director, $6,000.

At 43, he got laid off - now his family is worth $29m

(Post 18 of 326)   08/03/2003.18:12:13
Author :
Cyberian
There may be more relatives working there for all u know .
Cousin no1 $$$$
cousin no2....cousin no Z $$$$$
What agreat company can buy can buy

(Post 19 of 326)   08/03/2003.20:12:31
Author :
Barehand
Ladies and gentlemen ... always buy IPOs which have a attractive niche business..not sure ship chartering is attractive

(Post 20 of 326)   08/03/2003.22:37:25
Author :
Whiteflybird
Correct me if I'm wrong.
The business of the company is renting out total of 6 boats.
Controlled by Father, son and mother that takes home 51K per month.
MD is only 30 years old and I assume he got the job because it's his father's company.
How many other directors are there ? Anyone from KS Tech ?
Has anyone done any comparison of this company with CH offshore, jaya, lebroy etc ?

(Post 21 of 326)   08/04/2003.10:12:51
Author :
Sipost
IPO Closing Alert!
Ezra Holdings Limited - Subscription for IPO closing soon!

Subscription price: S$0.34 (see details in Invitation Stats below)
Closing: 6 August 2003 noon

Overview:

Ezra Holdings is today an integrated services provider supporting the offshore oil and gas industry. Their services are provided through the following business divisions :

Offshore Support Services Division

Ezra's offshore support services division provides offshore support vessels for charter. With a relatively young and modern fleet comprising four AHTS vessels and two crew boats, they serve customers mainly in the offshore oil and gas. Ezra also provides ship management services, both for their own vessels as well as third party vessels.

Marine Services Division

As a value-added service to their customers, Ezra provides marine supplies and engineering services including :

- sourcing for specialized products such as customized safety equipment package, fire-fighting units, deck machinieries, etc;
- engineering services such as ship and rig repair and installation, fabrication of steel structure and repair and overhaul services

Useful Links:

1. Download Prospectus Here

2. Financial Snapshots

3. Subscribe for FREE EMAIL ALERTS here

(Post 22 of 326)   08/04/2003.18:50:11
Author :
Highhand
If you compare YHI and Ezra, they are totally opposite. YHI CEO persuaded his siblings to give way to more appropriate personnel to grow the biz. Ezra gives away cheap money (shareholders' money) to family members. Make no mistake, not saying definitely a bad thing, UOB is family controlled but they are running very well. Still think giving his son MD post without having him trained from the basis is not sound from investor point of view. Also, the current ratio is not so good, the current liability actually more than current asset. If any sudden downturn, this company may not hv the liquidity to see it thru. All things said, given the IPO trend recently, can still stag...

(Post 23 of 326)   08/04/2003.23:36:31
Author :
Chisa
According to the report in the recent Sunday Times on the Ezra IPO, the man who started Ezra (a former sailor) will be getting paid $25,000 per month in salary, his 30 year old son will be paid $20,000 per month in salary, and his wife (who was a property agent) will be paid $6,500 per month in salary.

(Post 24 of 326)   08/05/2003.14:31:28
Author :
Cio
hi all

any views on the grey market price currently?

thanks for all comments

(Post 25 of 326)   08/07/2003.13:50:09
Author :
Yellowboots
after Singpu Chems market must be scared scared to short IPO maiden debut

(Post 26 of 326)   08/07/2003.21:03:10
Author :
Toady
This one how many times subscribed?

(Post 27 of 326)   08/07/2003.21:10:08
Author :
Leschoy
Singapore's Ezra retail tranche of IPO 142.3 times subscribed

(Post 28 of 326)   08/07/2003.21:13:57
Author :
Toady
Thanx, hope u kana.

(Post 29 of 326)   08/07/2003.21:31:24
Author :
Toady
Civicguy, Is like that one, sometimes is not what u know, is who u know and who know u. Lower and middle income will slog day and night for bosses and major shareholders to play golf.

(Post 30 of 326)   08/07/2003.21:52:07
Author :
Civicguy
Well said well said !!


(Post 31 of 326)   08/07/2003.22:05:41
Author :
Cio
indeed...
alternatively we can work hard at improving our trading skills...
can be done with discipline, hard work and risk management. all the best to everyone...

(Post 32 of 326)   08/07/2003.22:26:58
Author :
8888
Ezra - Any prediction of its opening price?? How it will not making those who kena "Gira"...

Btw, seems very hard to get some thru' ATM, the public trench is quite small.

(Post 33 of 326)   08/07/2003.22:27:56
Author :
Hongbao
8888, did your number came out before in 4D ?

(Post 34 of 326)   08/07/2003.22:38:22
Author :
8888
Hongbao San,

8888 was suggested/given by cool san.

Yes, 2nd prize on my wedding day in 1984, only kena $1B 1 S($3k I think)

Bought this number cos those "sisters" shouted for $8888/- hongbao,
negotiated/gave only $88.88/- before gate opened)

That day blur blur mah, lucky some one bought 4 me the 4D.

Honey moon changed from Thailand to TaiPei loh....

Btw, my elest son seems made in Taiwan cos he looks abit like "Ah Pian", haha, joking only.

(Post 35 of 326)   08/07/2003.22:42:44
Author :
Evergreen
Already Q to buy. Paying more than subscription price.
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0.35

(Post 36 of 326)   08/07/2003.23:19:11
Author :
Youngtrader
i thk shd see an upside @ 40-42c. honestly dun thk it will be as spectacular as SingPu. shd die down after morning fizzle ... afterall it's quite expected to see profit taking in d aftern ahd of weekend.

(Post 37 of 326)   08/07/2003.23:28:12
Author :
Ashley88
Small IPO float of 28m shares; p/e not attractive but dangerous to short, can jeep holland if not careful!

(Post 38 of 326)   08/07/2003.23:32:06
Author :
Alftan
First thing tomorrow morning....I whack hard hard.....


(Post 39 of 326)   08/07/2003.23:37:12
Author :
Ashley88

(Post 40 of 326)   08/08/2003.00:18:39
Author :
Talkbutnoaction
EZRA is a family-controlled offshore oil and gas service fleet operator founded in 1992, somewhat similar in nature to CH Offshore (subsidiary of Chuan Hup).

EZRA does not build ships (like Jaya, Labroy and ASL), but buys tugboats for their charter fleet, and also offers related offshore marine services. It currently owns 4 anchor-handling tugboats and 2 crew utility vessels.

Revenue/ profit have grown rapidly from $8.1m/$0.15m in FYAug2000 to $10.3m/$3.1m in just the first-half of FY2003. However, this growth has been heavily financed. As stated in the ’risk factor’ section of the prospectus, EARA has experienced negative working capital of $14m and $5.8m for FY2002 and 1H2003 (current assets less current liabilities).
Total debt to banks at 28 February 2003 was $55.7m.
Debt is likely to rise further as IPO net proceeds of $8.3m will only partially offset anticipated pruchase cost of 2 new vessels estimated at $23 million.

(Post 41 of 326)   08/08/2003.00:34:29
Author :
Talkbutnoaction
VALUATION
The unknown is in the profit growth this year.
First-half 2003 net profit was $3.1m compared to $0.8m for the first-half of 2002

The new share issue will increase total shares outstanding to 148 million, thus effectively diluting historical FY2002 net earnings per share to about 1.7 cents, and resulting in a fully-diluted historical PE at the listing price of 34 cents of about 20.

The prospectus ignores the new share dilution and states EPS of 2.1 cents and PE of 16.2.
With PE of 20, unless profit grows 2.5X ( 200%), PE will be down to 8X, about the same as their peers.

At the offer price, the initial market capitalization will be S$50.3 million.

(Post 42 of 326)   08/08/2003.00:47:55
Author :
Youngtrader
thanks for posting d info, esp abt the DEBT.

when i read in e pprs abt the young son gettin paid 20k/mth i gave up d idea of applying liao

anyway gd luck to all those who got it

(Post 43 of 326)   08/08/2003.06:47:50
Author :
Talkbutnoaction
Same.
Me too put off by the high pay the family awarded themselves.
Before IPOs, the controlling stakeholders can go w/o pay just to boost up the company performance.
No wonder most companies do not perform well after IPO.
Fair value should at most be also 1.8~2X NTA ( same as its peers such as Jaya, CH offshore etc..)

(Post 44 of 326)   08/08/2003.08:12:59
Author :
Mclub
Yes, $20k per month is really ridiculous.

My friend, a Managing Director in a mainboard listed company and in his mid 50s, is only drawing about $15k per month.

I will never touch this type of company's shares.

(Post 45 of 326)   08/08/2003.08:55:49
Author :
Limandchan
maybe can hit and run cos it's national day

(Post 46 of 326)   08/08/2003.09:48:41
Author :
Mephisto
Crazy to buy at this price. Don;t cry if you are the one ended up holding this baby when music stops.

(Post 47 of 326)   08/08/2003.09:51:36
Author :
Mephisto
Many punters think they will not be the one who end up holding the baby when music stops. But how often they ended up losing money chasing stocks? Too often. That's why, only 10% of stock investors make money.

(Post 48 of 326)   08/08/2003.09:54:20
Author :
Ryu
at 0.515, PER at 24.5x. Good luck !

(Post 49 of 326)   08/08/2003.09:54:30
Author :
Alftan
Mep,

I bought at 0.515, how ar???

(Post 50 of 326)   08/08/2003.09:56:58
Author :
Mephisto
Alftan, you are likely to lose money.


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