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发表于 16-7-2011 11:44 AM
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Bumi Armada 的 fair value 是RM4.05 ,可以在第一天大扫货了
'Bumi Armada can grow earnings by 23pc'
Published: 2011/07/KUALA LUMPUR: Bumi Armada Bhd can achieve a three-year earnings compound annual growth rate (CAGR) of 23 per cent over the financial years 2011-2013, says HwangDBS Vickers Research Sdn Bhd.
This is premised on increasing capex in the oil and gas sector boosting demand for offshore services, HwangDBS Vickers Research Sdn Bhd said in a research note today.
It said Bumi Armada's order book of RM5.8 billion will ensure long-term earnings visibility given that 61 per cent of the backlog is anchored by floating production, storage and offloading (FPSO) long-term contracts.
It can also rise with the RM2.5 billion extension option and this excludes two FPSO projects in India and Australia, potentially worth over RM1.5 billion, for which it secured award letters on March 11 and June 11, respectively.
According to HwangDBS, Bumi Armada plans to acquire Acergy Hawk, a cost-effective DP2 subsea installation vessel that would allow it to offer SURF services as an expansion of its synergistic services to FPSO installations.
Meanwhile, the research firm said Bumi Armada's fair value was RM4.05, given that the company is Malaysia's leading offshore supply vessel (OSV) player and sole FPSO player, and has an impressive track record with superior margins. - Bernama
Read more: 'Bumi Armada can grow earnings by 23pc' http://www.btimes.com.my/article ... icle/#ixzz1SEZbTpbz |
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