Ezra (5DN.SG) is up 2.2% at 2-week high of $1.85 as investors look beyond subdued fiscal 3Q10 results to prospect of stronger earnings in coming quarters, with company adding new vessels to expand range of subsea services, says Dow Jones.

“While associate EOC’s (EOC.OS) loss last quarter was a surprise, it will not have a major impact on Ezra’s earnings and should not overshadow a creditable showing by its parent, an improving outlook and expansion into new markets for both companies,” says CLSA, which has Buy call with $2.30 target.

Current gains accompanied by firm volume, suggesting momentum picking up, which could enable stock to revisit June high of $2.01 in near term. 3Q10 net profit +37% on year at US$25.7 million ($35.3 million) on US$7.3 million gain from vessel sale. Excluding gain, core earnings of US$18.4 million tad lower than US$18.8 million profit year earlier, hurt by lower vessel utilisation, EOC loss.