MIDF Research, which reiterated its “buy” recommendation and target price of 72 sen, is optimistic over the performance of the group’s FPSO segment and potential securement of new contracts on the back of increasing oil and gas prices in the near-term.
PETALING JAYA: RHB Research is keeping Bumi Armada Bhd
as its top sector pick given its recent results, which outperformed expectations.
The offshore energy services provider recently said first quarter 2022 core profit surged 21% year-on-year on lower depreciation and finance costs to RM178mil, which was 29% and 30% of the research house’s and consensus full-year estimates.
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