- Maintain Buy with SOP-TP of MYR4.88. 1H12 net profit of MYR191m (+28% YoY) made up 35-36% of ours and consensus' full year forecast but this is in line.
- We expect a much stronger 2H12, to be fueled by seasonally higher T&I and OSV contributions.
- While FPSO awards have been slow this year, we reckon Bumi is still well-positioned to capture for contracts, on engineering capabilities, track record, and balance sheet strength.
Source: Maybank Research - 17 August 2012
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