§
Bumi
Armada (Quick Bits): Buys four
vessels for RM409m (Maintain BUY, TP: RM5.10) [download
report]
In an announcement to Bursa Malaysia, Bumi Armada has issued a letter of
intent for the construction of four multi-purpose platform support vessels
(MPSV) with an option to build four additional units of diesel-electric (DP2
capability) to Nam Cheong Dockyard Sdn Bhd for a total cost of USD130m
(RM409m). We are positive on this latest corporate move by Bumi Armada as the
offshore support vessels (OSV) division has been running at almost full
capacity (>90% utilisation) for the last two quarters. Maintain BUY with TP RM5.10, 27x PE pegged
against FY12 EPS, representing +1SD of its historical PE, which is in line with
its strong growth.
Other reports
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§ MISC: Sailing back to the black
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§ KPS: May divest Sprint stake
§ Salcon: Mulling for more
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§ MAA: Explores
private equity
§ Automotive:
All eyes on NAP
§ Construction: MRT Corp
received 7 bids for 2 tenders
§ Construction: RM160bn for rail lines up to 2020
§ Plantation : Not viable to emulate Indonesia
§ Telco: MCMC
finalising allocation
§ Investment: Gevo to invest RM1.6bn in Kerteh plant
Global news
§ US: Fed
extends Operation Twist
§ US
§ Europe : Samaras
is sworn in as Greek premier
§ Europe : Merkel
balks at sovereign debt purchases to overcome crisis
§ UK
§ Japan
§ Taiwan
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