February 28, 2012

ARMADA - Gaining traction

Stock Name: ARMADA
Company Name: BUMI ARMADA BERHAD
Research House: HWANGDBSPrice Call: BUYTarget Price: 5.00



Bumi Armada; Buy; RM4.01
Price Target: RM5.00; BAB MK
4Q11 earnings within expectations, but surprises with 2.5sen DPS. RM6.9bn order book provides clear earnings visibility. Maintain Buy rating and RM5.00 TP.

Source: HwangDBS Research 28 Feb 2012

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