Brokers' take

Ezion Holdings > Hold (maintained) DBS Equity Research, April 5 Last traded price (Feb 26): S$0.043 Target price: S$0.05

YINSON'S investment through debt buyout is expected to lift net asset value to 3.5 Singapore cents and substantially reduce net gearing to healthier 0.5-0.6 time levels.

While we think that the developments to date are not ideal for shareholders, this debt buyout throws a lifeline for Ezion to improve its utilisation and move forward with a cleaner balance sheet.