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BUMI Armada Bhd, the service provider to oil and gas companies, has provided for no less than RM5.8bil as impairments for its assets since the financial year 2016. The bulk of the provisioning was taken up at the group level.
The buzz is on for the local floating, production, storage and offloading (FPSO) players. And it is not because of jobs to be awarded by Petroliam Nasional Bhd but opportunities are coming from overseas, particularly Brazil.
KUALA LUMPUR: CIMB Equities Research has reduced its target price for Bumi Armada to 30 sen from 70 sen on the possibility that the company may need more equity if it hopes to grow its portfolio of FPSO assets, or if banks fail to agree on an extension for its debt repayments.
KUALA LUMPUR: Blue chips fell early Thursday as investors decided to lock in some gains after a three-day rally as the full year financial results got underway while Bumi Armada came under selling pressure and it was the most active.
KUALA LUMPUR: CIMB Equities Research has reduced its target price for Bumi Armada to 30 sen from its earlier 70 sen on the possibility it may need more equity if it hopes to grow its portfolio of FPSO assets, or if banks fail to agree on an extension to its debt repayment.
KUALA LUMPUR: CIMB Equities Research is retaining its Add recommendation for Bumi Armada with an unchanged sum-of-parts based target price of 70 senwith the key rerating catalyst being closure in the refinancing negotiations.
PETALING JAYA: The final acceptance of Bumi Armada Bhd’s Armada Kraken floating production, storage and offloading vessel (FPSO) will help mitigate the group’s default risks on its related borrowings and improve earnings and cash flow visibility.
KUALA LUMPUR: Bumi Armada’s FY17 core net profit of RM322mil was 5.5% higher than CIMB Equities Research’s expectation and 2.5% above consensus due to lower-than-expected 4Q depreciation charge.