KUALA LUMPUR: AmResearch is maintaining its Buy call on Bumi Armada
but with a lower sum-of-parts (SOP) based fair value of RM4.95 a share from an earlier RM5.25 a share.
It said on Wednesday this implies an FY15F price-to-earnings (PE) of 23 times, which is a 15% premium to oil & gas stocks with market valuations above RM1bil.
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