MY : Bumi Armada - Fundamentals almost fully priced-in

1QFY21 core net profit made up 35% of our/consensus full-year forecasts; we consider this in line as several revenue/cost items may not recur evenly. We raise our SOP-based TP to 48 sen as we include the liquidation values of its OMS assets, but downgrade to Hold on strong share price performance. Upside risks include the potential for BAB to win its bid for Petronas’s FPSO Limbayong contract, which may be awarded in 3Q21F.

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