Maintain Buy and RM4.88 target price. Usaha Tegas did not pare down its stake in Bumi Armada last Friday. Instead, the secondary share sale, via a bookbuilding exercise, came from four other individual shareholders. We do not know the reason for the selldown by the respective parties but liquidity should improve from this transaction. We remain positive on Bumi Armada's operating prospects. Our target price is based on sum-of-parts valuations.

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Source: Maybank Research - 30 April 2012