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Smooth sailing for Bumi Armada
by hlk Thu 21 Jul 2011, 13:15
KUALA LUMPUR: Oil and gas services provider Bumi Armada made its Bursa Malaysia debut on Thursday, July 21 with a splash when it opened 63 sen higher at RM3.66 with 19.1 million shares done.
The stock was both the most actively traded stock and top gainer at the opening of the market.
ECM Libra Research initiated coverage on Bumi Armada with a BUY call and a TP of RM3.91, based on a 25x PE pegging 2H11-1H12 EPS of 15.6sen.
“We view that Bumi Armada can easily achieve a 2010-2013 CAGR of 22% given their strong RM5.8 billion orderbook and also active tendering activity in the FPSO market.
“Major contracts are all for the long term (5-8 years) hence providing the group with good earnings visibility,” it said in a note on July 21.
The stock was both the most actively traded stock and top gainer at the opening of the market.
ECM Libra Research initiated coverage on Bumi Armada with a BUY call and a TP of RM3.91, based on a 25x PE pegging 2H11-1H12 EPS of 15.6sen.
“We view that Bumi Armada can easily achieve a 2010-2013 CAGR of 22% given their strong RM5.8 billion orderbook and also active tendering activity in the FPSO market.
“Major contracts are all for the long term (5-8 years) hence providing the group with good earnings visibility,” it said in a note on July 21.
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