Equity Analysis /

MY : Bumi Armada - Russian risks manageable; Cameia upside

    Raymond Yap
    Raymond Yap

    Head of Regional Transport

    25 March 2022
    Published by

    Upgrade to Add from Hold, with an unchanged SOP-based TP of 55 sen, due to the significant drop in share price on concerns over Russia. But BAB has already received in Malaysia proceeds from the sale of its vessels to Lukoil and the ongoing pipelay contract with Lukoil is not material. Rerating catalysts include a Russia-Ukraine peace deal that could ease investor concerns, and a potential contract win from an Angola FPSO bid.