Bumi Armada rebounds, near late November high

KUALA LUMPUR: Bumi Armada Bhd’s share price rose to a high of RM1.28 on Tuesday, which was near the late November high of RM1.36 before it skidded in line with the collapse in crude oil prices.

At 3.13pm, it was trading at RM1.25, up six sen. There were 56.7 million shares traded at prices ranging from RM1.19 to RM1.28.

The FBM KLCI was up 12.6 points or 0.68% to 1,861.26. Turnover was 2.15 billion shares valued at RM1.43bil. There were 475 gainers, 327 losers and 329 counters unchanged.

US crude oil price was down 60 cents to US$55.78 while Brent was down 54 cents to US$62.91. The halt was ahead of a US government data forecast on crude stockpiles.

Bumi Armada was at RM1.38 on Nov 26 before it plunged to a low of RM1.01 on Dec 1. Its highest was RM2.74 on April 19, 2012.

At RM1.28, it was trading at a price-to-earnings of 26.54 times and forward P.E of 16.84 times. Year-to-date it is up 17.4%.

Its 52-week high was RM2.46 on April 21, 2014 and the 52-week low was 98 sen on Dec 1, 2014.

Out of the consensus rating, there are 13 buys, six holds and one sell. The 12-month target price is RM1.43.

AllianceDBS Research has a hold with a target price of RM1.15, while Nomura has a buy with a higher target price of RM1.40. KAF Seagroatt & Campbell has a Buy with a target price of RM2.