Maintain Buy and RM4.88 target price. Bumi Armada's latest PSV charter win from PETROBRAS, on a long-term contract from 2Q12, is earnings positive and testament to its well-positioned push for new contracts (FPSO, OSV, T&I, OFS) locally and globally. Overall, we like its niche exposure in thriving O&G markets worldwide, strong earnings visibility (3-year net profit CAGR of 25%) and balance sheet strength in powering up its growth and aspirations. Our target price is based on sum-of-parts (SOP) valuations.

Maybank Research 22 March 2012

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