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Analyst Research Report Snapshot


Results Note – Bumi Armada (ADD, upgrade) - A decent yoy earnings growth, upgrade to ADD




Affin Hwang Investment Bank Bhd


21 May 2013





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1Q13 net profit grew by 22% yoy, within expectations Bumi Armada reported a 22.3% yoy growth in 1Q13 net profit to RM109.7m on higher profit contributions from its FPSO and OSV divisions. The group’s FPSO and OSV segments reported higher earnings on the maiden contribution from ONGC’s C7 FPSO contract, higher FPSO operation & maintenance revenue, expanded OSV vessel fleet and higher uptime in the OSV fleet. Overall, the group’s 1Q13 result is within market and our expectations, accounting for 20% of market and our full year earnings forecast.

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