Target RM4.61
Bumi is set to make waves when it reports an anticipated 4Q11 net profit of around RM140m, which implies robust qoq growth of 50% and a record net profit of RM379m for FY11. Separately, we learned that the company is the sole bidder for Shell''s St. Joseph CEOR project. We continue to value Bumi at 17.6x CY13 P/E, 40% premium over our target market P/E. We forecast new net profit highs in FY12-13, leading to a 3-year EPS CAGR of 30.8%. A potentially strong 4Q performance and order book expansion support our Outperform call.
Click here for full reports.
No comments:
Post a Comment