Bumi Armada; BUY; RM3.91
Price Target: RM4.50; BAB:MK
Breakthrough win from Angola

Significant US$2.9bn Angola FPSO win proves global competitiveness. RM23bn order book offers earnings visibility. Maintain BUY with RM4.50 TP.

BIMB Holdings; HOLD; RM4.23
Price Target: RM4.30; BIMB:MK
Limited earnings growth

Deposit transition neutral on NIM; accounting treatment on investment account is pending. Lower growth target for financing reflects expected slowdown in consumer segment. Maintain HOLD and RM4.30 TP.

Astro Malaysia; BUY; RM3.20
Price Target: RM3.60 (prev RM3.30); ASTRO:MK
More to look forward to

FY14 earnings in line; FY14 DPS of 9sen translates to 3% dividend yield. Subscription and adex revenue growing at a solid pace. Earnings prospects intact; higher transponder capacity could grow ARPU further. Maintain BUY with higher RM3.60 TP.

Source: HwangDBS Research - 1 Apr 2014