Maintain Buy and MYR4.88 SOP-based target price. Bumi's purchase of two
second-hand 12,000bhp AHTS at undisclosed prices from Sanko is a clear
indication of its intent to leverage on Petrobras' aggressive O&G
drive in Brazil. We estimate that these assets would add 2-3% p.a. to
Group's earnings and further enhances Bumi's regional footprint in the
Latin American market.
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Source: Maybank Research - 15 May 2012
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