“Its highly leveraged financials remain an ongoing concern, as such the company needs to de-gear, ” Maybank IB Research said in a report yesterday. It said Bumi Armada had RM8.5bil net debt, which is 2.8 times the net gearing level and seven times the net debt-to-Ebitda.
PETALING JAYA: Maybank IB Research has maintained its “sell” call on Bumi Armada Bhd
and highlighted that the latter’s stretched balance sheet remains a key concern.
“Its highly leveraged financials remain an ongoing concern, as such the company needs to de-gear, ” said the research house in a report yesterday.
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