Stock Name: ARMADA
Company Name: BUMI ARMADA BERHAD
KUALA LUMPUR (Nov 18): CIMB Equities Research is maintaining a Buy on Bumi Armada and raised its target price from RM4.55 to RM4.61.
It said on Friday the higher target price was after it applied a 40% premium to its 12.6 times CY13 target market price-to-earnings (previously 20% premium over 14.5 times CY12 P/E) to reflect Bumi's increasingly attractive investment proposition. This big cap has also joined the MSCI Malaysia Index.
CIMB Research said after a soft 1H, Bumi Armada is set to impress with a strong 2H performance, thanks to two FPSO contracts awarded by Apache and ONGC.
'Four more FPSO contracts are likely to be secured in FY12-13. A potential marginal field job in FY12 makes the outlook even more exciting,' it said.
Company Name: BUMI ARMADA BERHAD
| Research House: CIMB | Price Call: BUY | Target Price: 4.55 |
KUALA LUMPUR (Nov 18): CIMB Equities Research is maintaining a Buy on Bumi Armada and raised its target price from RM4.55 to RM4.61.
It said on Friday the higher target price was after it applied a 40% premium to its 12.6 times CY13 target market price-to-earnings (previously 20% premium over 14.5 times CY12 P/E) to reflect Bumi's increasingly attractive investment proposition. This big cap has also joined the MSCI Malaysia Index.
CIMB Research said after a soft 1H, Bumi Armada is set to impress with a strong 2H performance, thanks to two FPSO contracts awarded by Apache and ONGC.
'Four more FPSO contracts are likely to be secured in FY12-13. A potential marginal field job in FY12 makes the outlook even more exciting,' it said.
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