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Analyst Research Report Snapshot


Results Note – Bumi Armada (REDUCE, maintain) - Eyeing deeper water and larger FPSO contracts




Affin Hwang Investment Bank Bhd


24 Feb 2013





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FY12 net profit grew by 7%, within expectations Bumi Armada reported a 7.3% yoy growth in FY12 net profit to RM385.8m on higher profit contributions from its FPSO, OSV and T&I divisions. Its OFD division, however, reported a sharply weaker EBIT of RM4.4m in FY12 (vs RM42.2m in FY11) following the completion of Sepat work in 2011. The group’s FPSO earnings was boosted by the Apache contract for Balnaves field and ONGC contract for D1 field secured in 2Q2011 while its OSV earnings has improved due to higher average fleet utilisation and new vessels acquired. Overall, the FY12 results is within our expectations but 8% below consensus forecast. Bumi Armada proposed a final dividend of 3 sen for 2012 (vs 2.5 sen in 2011), inline with our expectations.

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