Maintain BUY; TP unchanged at MYR4.88. The move to order up to eight
MPSVs denotes a vibrant O&G market, a cyclical recovery in the
offshore vessel segment and Bumi Armada's continuous drive to grow its
presence in the international market. These new MPSVs could add 2% to
our FY15 earnings forecast. Bumi Armada is our top pick in the FPSO
segment. Our TP is based on sum-of-parts valuations.
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Source: Maybank Research - 21 June 2012
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