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
Things are going swimmingly for Bumi in Russia where it has clinched a US$200m pipe installation contract from Lukoil. The contract will maximise the utilisation of its Armada Installer derrick pipelay barge, which is servicing a Petronas contract, also in the Caspian Sea. We continue to value the stock at 18.2x CY13 P/E, 40% premium over our target market P/E. Bumi?''s RM7.6bn order book and four anticipated FPSO contract wins support our forecast of record net profits in FY12-14 and 31.7% 3-year EPS CAGR. Maintain Outperform.
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