Stock Name: ARMADA
Company Name: BUMI ARMADA BERHAD
Company Name: BUMI ARMADA BERHAD
| Research House: ECMLIBRA | Price Call: BUY | Target Price: 5.10 |
Upgrade from HOLD to BUY; TP:RM5.10
Our recent meeting with Bumi Armada has strengthened our conviction on the company's prospects. Bumi Armada's growth potential of 32% net profit CAGR for FY12-FY14 is driven by expansion from all of its operating segments. FPSO is expected to contribute 45-50% to its EBIT from FY12 onwards, while the remaining would be from the OSV and T&I segments. Upgrade our HOLD call to BUY with RM5.10 TP, 27x PE pegged against FY12 EPS, representing +1SD of its historical PE in line with its strong growth. (refer to report for details)
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