Maintain BUY and MYR4.88 target price. Results were within
expectations. Bumi Armada offers strong earnings growth visibility
(3-year net profit CAGR of 25%) and balance sheet strength to power its
growth and aspirations. It is well-positioned to push for contracts in
the FPSO, OSV, T&I and OFS segments locally and abroad. Our target
price is based on sum-of-parts (SOP) valuations.
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Source: Maybank Research - 29 May 2012
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