Bursa Malaysia Stock Watch

Bumi Armada: Maintain Buy - New Caspian Sea job in the pipeline?

kltrader
Publish date: Fri, 13 Apr 2012, 03:31 PM
kltrader
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Maintain Buy and RM4.88 target price. Bumi Armada is said to have secured an underwater pipelay contract in Russia. While management has yet to confirm this, we anticipate a marginal 1% enhancement to 2014 earnings. Overall, we are marginally positive on this newsflow and it ties in with our expectation of the prospect of what the Caspian region can offer. Our unchanged RM4.88 TP is based on sum-of-parts (SOP) valuations.

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Source: Maybank Research - 13 April 2012
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