Initiating coverage with a Buy and RM4.88 target price. Bumi Armada (BA)
offers a niche exposure to the Floating Production, Storage and
Offloading (FPSO) market. As one of the fastest growing FPSO operators
in the world, it has set its sights on being the Top 4 player in terms
of FPSO fleet size by 2013. It is also poised to gain traction in
Malaysia’s O&G sector, as it leverages on PETRONAS’ capex programme.
BA, which is steadfastly building up franchise values, is a steady
growth stock with a 3-year net profit CAGR of 25%.
Maybank Research 6 March 2012
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