Bumi Armada Berhad
Fri, 17-Nov-2023 08:54 am
by Lee Cherng Wee • Apex Research

Counter

ARMADA (5210)

Target Price (RM)

0.53

Recommendation

Hold

  • Bumi Armada’s 9MFY23 net profit of RM494.4m was below our expectations, due to lower-than-expected contribution from Armada Kraken.
  • Going forward, Armada Kraken’s production level has returned to pretransformer issue.
  • We maintain our HOLD recommendation with a lower target price ofRM0.53 (previously RM0.57).
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Opinions, estimates and projections in this report constitute the current judgment of the author. They do not necessarily reflect the opinion of Apex Securities Berhad and are subject to change without notice. Apex Securities Berhad has no obligation to update, modify or amend this report or to otherwise notify a reader thereof in the event that any matter stated herein, or any opinion, projection, forecast or estimate set forth herein, changes or subsequently becomes inaccurate.

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