KUALA LUMPUR (March 22): Maybank Investment Bank Research is maintaining a Buy on Bumi Armada and RM4.88 target price.
It said on Thursday’s Bumi Armada's latest platform supply vessel (PSV) charter win from Petróleo Brasileiro S.A. (Petrobras), on a long-term contract from 2Q12, is earnings positive and testament to its well-positioned push for new contracts locally and globally.
“Overall, we like its niche exposure in thriving O&G markets worldwide, strong earnings visibility (three-year net profit CAGR of 25%) and balance sheet strength in powering up its growth and aspirations. Our target price is based on sum-of-parts (SOP) valuations,” said Maybank Research.
It said on Thursday’s Bumi Armada's latest platform supply vessel (PSV) charter win from Petróleo Brasileiro S.A. (Petrobras), on a long-term contract from 2Q12, is earnings positive and testament to its well-positioned push for new contracts locally and globally.
“Overall, we like its niche exposure in thriving O&G markets worldwide, strong earnings visibility (three-year net profit CAGR of 25%) and balance sheet strength in powering up its growth and aspirations. Our target price is based on sum-of-parts (SOP) valuations,” said Maybank Research.
