KUALA LUMPUR (March 19): CIMB Equities Research has raised the target price for Bumi Armada to RM4.80 from RM4.12.
It said on Monday that it was now valuing Bumi Armada at 18.2 times CY13 price-to-earnings, which is a 40% premium over its target market price range which was recently raised from 12.6 times to 13 times.
“Bumi Armada’s RM7 billion order book supports our 32.5% 3-year EPS CAGR. Maintain Outperform,” it said.
CIMB Research said the race for regional FPSO contracts is hotter than ever. Armed with five FPSO contracts, Bumi is reported to have made good progress in its bid to supply a FPSO unit at Indonesia’s Madura field.
The research house said Bumi Armada was also tipped as the potential frontrunner for India’s Cluster 7 contract.
It said on Monday that it was now valuing Bumi Armada at 18.2 times CY13 price-to-earnings, which is a 40% premium over its target market price range which was recently raised from 12.6 times to 13 times.
“Bumi Armada’s RM7 billion order book supports our 32.5% 3-year EPS CAGR. Maintain Outperform,” it said.
CIMB Research said the race for regional FPSO contracts is hotter than ever. Armed with five FPSO contracts, Bumi is reported to have made good progress in its bid to supply a FPSO unit at Indonesia’s Madura field.
The research house said Bumi Armada was also tipped as the potential frontrunner for India’s Cluster 7 contract.
