Bumi Armada (BAB) recorded core net profit of RM182.6m in 3QFY23, improving by +274.7% QoQ after Armada Kraken FPSO was fully restored in August 2023. On a YoY basis, the Group’s core net profit dipped 16.7% due to slightly lower uptime on its overall FPSO operations however. Cumulatively, BAB reported core net profit of RM439.9m (-29.4% YTD) for 9MFY23, lagging our estimates at 62.4% but in-line with consensus at 73.7% of full-year FY23 numbers. On the existing operations, Armada Kraken is now back to normal with first new transformer installed in September 2023 as scheduled. However, we cut our forecast for FY23F by 13% to account for a previously underestimated overall impact of Armada Kraken. We retain our Outperform call and TP of RM0.65 as we expect FPSO operations to remain stable, with its balance sheet also continuously improving.
Source: PublicInvest Research - 17 Nov 2023
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