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Bumi Armada’s 2Q13 results likely to track expectations, says Maybank IB Research
by Cals Tue 20 Aug 2013, 09:45
Bumi Armada’s 2Q13 results likely to track expectations, says Maybank IB Research
Business & Markets 2013
Written by theedgemalaysia.com
Tuesday, 20 August 2013 09:29
KUALA LUMPUR (Aug 20): Maybank IB Research has maintained its Buy rating on Bumi Armada Bhd at RM3.86 with a target price of RM4.40 and said the company’s 2Q13 results, due today, are likely to track to expectations.
In a note Tuesday, the research house said investors would still focus on several ongoing FPSO tenders that are likely to be awarded by 4Q13.
“We think Bumi Armada has a good chance of clinching these projects, which have a capex value of US$500 million-US$1 billion each.
“Bagging these FPSO jobs would be a strong re-rating catalyst for a stock that has underperformed and slipped under investors’ radars over the past 12 months. Our unchanged target price is based on sum-of-parts (SOP) valuations,” it said.
Business & Markets 2013
Written by theedgemalaysia.com
Tuesday, 20 August 2013 09:29
KUALA LUMPUR (Aug 20): Maybank IB Research has maintained its Buy rating on Bumi Armada Bhd at RM3.86 with a target price of RM4.40 and said the company’s 2Q13 results, due today, are likely to track to expectations.
In a note Tuesday, the research house said investors would still focus on several ongoing FPSO tenders that are likely to be awarded by 4Q13.
“We think Bumi Armada has a good chance of clinching these projects, which have a capex value of US$500 million-US$1 billion each.
“Bagging these FPSO jobs would be a strong re-rating catalyst for a stock that has underperformed and slipped under investors’ radars over the past 12 months. Our unchanged target price is based on sum-of-parts (SOP) valuations,” it said.
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