Bumi Armada - Knots ahead with a record year and a surprise dividend

Stock Name: ARMADA
Company Name: BUMI ARMADA BERHAD

Research House: CIMB

Price Call: BUY

Target Price: 4.61

Target RM4.61

As previewed, Bumi racked up a record FY11 net profit, which was broadly in line at 95% of our forecast, despite IPO expenses and dry-docking delay of a derrick lay barge. What we did not see coming was the tax-exempt DPS of 2.5 sen, which capped an outstanding year.

Source: CIMB Daybreak February 28, 2012, PDF Report