Here's proof that Ezion is on a growing earnings stream

Its two recent deals are at a whopping US$2.7m.

According to DBS, Ezion continues to grow its earnings stream with the award of a two-year charter for a new liftboat (acquired at a distressed price) worth US$45.3m, and the operation of a marine supply base in Australia’s Northern Territory, following necessary regulatory endorsements.

Here's more:

These projects are expected to commence in the latter half of 2013, adding US$2.7m/ US$11.4m to FY13/14F’s earnings base.

Funds for further growth. We estimate Ezion has raised a total of c.US$111m from 1) the recent issue of 50m new shares at S$1.895/share, raising net proceeds of c.US$75.4m, and 2) the recent divestment of its one-third stake in the OMSA JV for c. US$35.8m.

After accounting for the equity portion of the capex for the liftboat and the marine base, we estimate Ezion has some US$75m of cash left to deploy for new projects.

Higher earnings base, but some EPS dilution in FY13. Our FY13/14F headline net profit is raised 15%/6% for 1) the latest liftboat charter, 2) the marine supply base, and 3) disposal of its OMSA JV stake and the subsequent reduction in charter rates to OMSA.

Adjusting for one-offs and perpetual dividends, our FY13/14F recurring net profit forecasts are raised +1%/+6%. Our recurring FY13/14 EPS forecasts are however adjusted by -5%/+1% to factor in the dilution from the latest placement.