Tuesday, 6 March 2012

Maybank IB Research initiates coverage of Bumi Armada

KUALA LUMPUR (March 6): Maybank Investment Bank Research is initiating coverage of Bumi Armada with a Buy and RM4.88 target price.

It said on Tuesday that Bumi Armada offers a niche exposure to the floating production, storage and offloading (FPSO) market.

“As one of the fastest growing FPSO operators in the world, it has set its sights on being the Top 4 player in terms of FPSO fleet size by 2013.

“It is also poised to gain traction in Malaysia’s O&G sector, as it leverages on Petronas’ capex programme. BA, which is steadfastly building up franchise values, is a steady growth stock with a three-year net profit CAGR of 25%,” it said.

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