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Hwang ups Bumi Armada’s target price

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Hwang ups Bumi Armada’s target price Empty Hwang ups Bumi Armada’s target price

Post by hlk Tue 17 Apr 2012, 13:43

Hwang Investment Research upped Bumi Armada’s target price to RM5.20 a share from RM5.00 previously following the oilfield services provider’s winning of a US$200m oil and gas pipelines contract in Russia.

“We estimate the Lukoil contract will boost Bumi Armada’s order book to RM7.5 billion (excluding its RM1.9 billion India’s job), underpinning long-term earnings visibility with projected 3-year earnings compound annual growth rate of 29 percent,” the broker said in a research note on Tuesday.

Bumi Armada announced on Monday it won an engineering, procurement, installation and commissioning services contract from Russian oil major Lukoil for the Filanovsky field development in Caspian Sea. -- Reuters

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