Stock Name: ARMADA
Company Name: BUMI ARMADA BERHAD
Company Name: BUMI ARMADA BERHAD
| Research House: CIMB | Price Call: BUY | Target Price: 4.80 |
Target RM4.80
The race for regional FPSO contracts is hotter than ever. Armed with five FPSO contracts, Bumi is reported to have made good progress in its bid to supply a FPSO unit at Indonesia's Madura field. It is also tipped as the potential frontrunner for India's Cluster 7 contract. Our target price rises as we now value Bumi at 18.2x CY13 P/E, a 40% premium over our target market P/E which was recently raised from 12.6x to 13x. Bumi's RM7bn order book supports our 32.5% 3-year EPS CAGR. Maintain Outperform.
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