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NewsMaybank Research maintains Buy on Bumi Armada, TP RM4.88
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Maybank Research maintains Buy on Bumi Armada, TP RM4.88
by hlk Wed 06 Jun 2012, 13:19
KUALA LUMPUR: Maybank Investment Bank Research is maintaining its Buy recommendation on Bumi Armada and has a target price of RM4.88.
It
said on Wednesday Bumi Armada had secured a second pipe-laying job in
the Caspian region which, though small, underscores the rising
opportunities there.
“Overall, we remain positive on its
fundamentals. Bumi Armada offers strong earnings growth visibility
(three-year net profit CAGR of 25%) and has the balance sheet strength
to power its growth and aspirations. Our TP is based on sum-of-parts
valuations,” it said.
It
said on Wednesday Bumi Armada had secured a second pipe-laying job in
the Caspian region which, though small, underscores the rising
opportunities there.
“Overall, we remain positive on its
fundamentals. Bumi Armada offers strong earnings growth visibility
(three-year net profit CAGR of 25%) and has the balance sheet strength
to power its growth and aspirations. Our TP is based on sum-of-parts
valuations,” it said.
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