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CS Tan
4.9 / 5.0
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
Bon888
3,354 posts
Posted by Bon888 > 2023-03-01 12:02 | Report Abuse
Copy and paste from HLG report, the TP price 0.87 was calculated based on PE 6.0X, imagine if market revalue this stock at PE 15X, nothing is impossible:
Bumi Armada - Ending the Year FY22 With a Bang
Armada posted a record-high quarter in 4Q22 with a core net profit of RM222.7m (+7% QoQ, +69% YoY), bringing FY22 core earnings to RM827.9m (+26% YoY). The results came in within our expectations (101%) but beat consensus (107%). We see a vast improvement in its balance sheet with the following highlights: (i) lower net debt of RM4.7bn as at end-4Q22 (from RM5.3bn as at end-3Q22); and (ii) net gearing has declined for the 11th consecutive quarter to 0.9x as at end- 4Q22 from a peak of 2.9x in 1Q20. We maintain our BUY rating with a relatively unchanged TP of RM0.87/share – pegged to a P/E multiple of 6x on revised FY23f earnings, which is at a 40% discount to its peer Yinson’s one -year forward multiple of 10x.
Armada is our top pick for the O&G sector.