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KLSE: ARMADA       BUMI ARMADA BERHAD
Last Price Avg Target Price   Upside/Downside Price Call
0.44 0.70     +0.26 (59.09%)
* Average Target Price, Price Call and Upside/Downside are derived from Price Targets in the past 6 months.
** Price Targets are adjusted for Bonus Issue, Shares Split & Shares Consolidation (where applicable).
Date Open Price Target Price Upside/Downside Price Call Source News
24/11/2022 0.425 0.84 +0.415 (97.65%) BUY AmInvest Price Target News
25/10/2022 0.385 0.59 +0.205 (53.25%) BUY RHB-OSK Price Target News
29/08/2022 0.39 0.59 +0.20 (51.28%) BUY RHB-OSK Price Target News
29/08/2022 0.39 0.63 +0.24 (61.54%) BUY KENANGA Price Target News
29/08/2022 0.39 0.53 +0.14 (35.90%) BUY JF APEX Price Target News
29/08/2022 0.39 0.76 +0.37 (94.87%) BUY HLG Price Target News
26/08/2022 0.385 0.83 +0.445 (115.58%) BUY AmInvest Price Target News
06/07/2022 0.37 0.84 +0.47 (127.03%) BUY HLG Price Target News
04/07/2022 0.38 0.58 +0.20 (52.63%) BUY RHB-OSK Price Target News
01/06/2022 0.445 0.58 +0.135 (30.34%) BUY RHB-OSK Price Target News
26/05/2022 0.44 0.58 +0.14 (31.82%) BUY RHB-OSK Price Target News
26/05/2022 0.44 0.64 +0.20 (45.45%) BUY PUBLIC BANK Price Target News
26/05/2022 0.44 0.63 +0.19 (43.18%) BUY KENANGA Price Target News
26/05/2022 0.44 0.53 +0.09 (20.45%) BUY JF APEX Price Target News
26/05/2022 0.44 0.84 +0.40 (90.91%) BUY HLG Price Target News
26/05/2022 0.44 0.83 +0.39 (88.64%) BUY AmInvest Price Target News
12/05/2022 0.41 0.86 +0.45 (109.76%) BUY Rakuten Price Target News
20/04/2022 0.44 0.64 +0.20 (45.45%) BUY PUBLIC BANK Price Target News
20/04/2022 0.44 0.83 +0.39 (88.64%) BUY AmInvest Price Target News
21/03/2022 0.405 0.84 +0.435 (107.41%) BUY HLG Price Target News
18/03/2022 0.425 0.84 +0.415 (97.65%) BUY HLG Price Target News
02/03/2022 0.48 0.84 +0.36 (75.00%) BUY HLG Price Target News
28/02/2022 0.505 0.64 +0.135 (26.73%) BUY PUBLIC BANK Price Target News
28/02/2022 0.505 0.63 +0.125 (24.75%) BUY KENANGA Price Target News
28/02/2022 0.505 0.53 +0.025 (4.95%) HOLD JF APEX Price Target News
28/02/2022 0.505 0.84 +0.335 (66.34%) BUY HLG Price Target News
25/02/2022 0.505 0.83 +0.325 (64.36%) BUY AmInvest Price Target News
20/01/2022 0.525 0.76 +0.235 (44.76%) BUY AmInvest Price Target News
29/12/2021 0.465 0.84 +0.375 (80.65%) BUY HLG Price Target News
23/12/2021 0.435 0.84 +0.405 (93.10%) BUY HLG Price Target News


Price Target Research Article/News (past 6 months)
24/11/2022  AmInvest Bumi Armada - In pole position to win Cameia
25/10/2022  RHB-OSK Integrated Oil & Gas - Keep the Flow Going; Maintain OVERWEIGHT
29/08/2022  RHB-OSK Bumi Armada - Smooth Sailing; Keep BUY
29/08/2022  KENANGA Bumi Armada - Health Restored, Ready for a New Chapter
29/08/2022  JF APEX Bumi Armada Bhd - Lowest Gearing Since 2015
29/08/2022  HLG Bumi Armada - Continues to Showcase Improvement
26/08/2022  AmInvest Bumi Armada - Expect robust 2HFY22 performance
06/07/2022  HLG Oil & Gas - Elevated Oil Price to Persist in 2H2022
04/07/2022  RHB-OSK Regional Oil & Gas - Tight Supply to Stay; Keep OVERWEIGHT
01/06/2022  RHB-OSK Integrated Oil & Gas - Domestic Activities Continue to Recover; O/W
26/05/2022  RHB-OSK Bumi Armada - Lower Finance and Depreciation Costs; Keep BUY
26/05/2022  PUBLIC BANK Bumi Armada Berhad - Commendable Start
26/05/2022  KENANGA Bumi Armada Bhd - 1QFY22 Results Within Expectations
26/05/2022  JF APEX Bumi Armada Bhd - Lowest Gearing Since 2015
26/05/2022  HLG Bumi Armada - A Solid Start to FY22
26/05/2022  AmInvest Bumi Armada - Impressive 57% QoQ earnings surge
12/05/2022  Rakuten Bumi Armada Bhd - Deeply Undervalued
20/04/2022  PUBLIC BANK PublicInvest Research Headlines - 20 Apr 2022
20/04/2022  AmInvest Bumi Armada - Cooperating on Indian corruption charges
21/03/2022  HLG Bumi Armada - Attractive Bargain Hunting Opportunity Arises
18/03/2022  HLG Oil & Gas - Decarbonisation Push: Boon or Bane?
02/03/2022  HLG Oil & Gas - Expecting a Better FY22
28/02/2022  PUBLIC BANK BUMI ARMADA BERHAD - Finished In Line
28/02/2022  KENANGA Bumi Armada Bhd - FY21 Results Within Expectations
28/02/2022  JF APEX Bumi Armada Bhd - Record Profit Since Listing
28/02/2022  HLG Bumi Armada - FY21 Soars to a Record High
25/02/2022  AmInvest Bumi Armada - Record earnings with improving gearing levels
20/01/2022  AmInvest Bumi Armada - Disposing of 3 Caspian Sea OSVs
29/12/2021  HLG Oil & Gas - Indications Leading to Sector Recovery in 2022
23/12/2021  HLG Oil & Gas - Slight Oversupply Glut Expected in 1H22



  40 people like this.
 
nikicheong All ready for sailaway!

https://ibb.co/WGjrVV7
07/11/2022 3:15 PM
hng33 sold off all armanda at 42.5sen, locked all profit, offset slightly on today intraday transaction cost loss
07/11/2022 3:36 PM
success2628 Follow hng33 to unloaded all Armada shares at @0.425, take profits first then when hng33 re-enter then only i will follow hng33 to buy back Armada shares at low low price…
07/11/2022 3:57 PM
success2628 i follow hng33 to in and out for Armada shares already making few round of profits !

Thanks hng33 !
07/11/2022 3:57 PM
hng33 We deem the results to be within our expectations (57%) but above consensus (61%) as we believe 3Q22 might post weaker earnings performance as Armada Kraken is slated for maintenance in Sep 2022.

Remark: Armanda major earning driver, Kraken, will on maintenance in Sept, will affect revenue income for Q3
07/11/2022 4:03 PM
success2628 Yes, hng33’s analysis on Armada is always acculate, So guys, please take profits first and wait for re-enter at low low price ya !
07/11/2022 4:16 PM
yangkwang99 Sorry not this time. Price will be up!!!
08/11/2022 4:44 AM
Macgyver111 Agreed

yangkwang99

Sorry not this time. Price will be up!!!
08/11/2022 7:53 AM
yangkwang99 Some positive signs operator will push price soon! Cheers!
08/11/2022 9:58 AM
MM78 Stronger USD Vs RM is good for Armada, hence good for Q 3 result
08/11/2022 10:30 AM
MoneyMakers Nice - sailing towards India 4 nxt fspo project

Keeps going higher & higher..just 1sen away from Sept high (44sen)
08/11/2022 11:46 AM
1pingpong top up more 0.430.. going higher and higher, tmrow flyyy
08/11/2022 3:17 PM
Robert Waters Since it was already anounced, may be it is right time to sell the news ?
Been wrong before ...
_________________________________

High Commissioner Mr P. Kumaran participates in sail-away ceremony of Shapoorji Pallonji’s FPSO Armada Sterling V
November 7, 2022 Neel Achary Business 0

7th November 2022, India/Singapore: The High Commissioner of India in Singapore, His Excellency Mr P. Kumaran, participated in the sail-away ceremony of FPSO Armada Sterling V on November 6, 2022. The Floating Production Storage and Offloading vessel (FPSO) is ready to sail away and is expected to arrive at the project site on the east coast of India by the end of December 2022.
Over 150 people attended the sail-away ceremony, including representatives from the Indian High Commission in Singapore, ONGC’s PMC, Shapoorji Pallonji, Sembcorp, and Bumi Armada, as well as their guests.
This FPSO is the result of close collaboration between India’s engineering prowess and Singapore’s FPSO conversion capabilities. It features 13 modules and central piperacks, weighing over 20,000 tonnes, and is equipped with the world’s largest submerged turret production system.

H.E. Mr. P. Kumaran praised the size and specifications of the FPSO and congratulated the ONGC, Shapoorji Pallonji Oil and Gas, Bumi Armada and Sembcorp Marine teams. Commending this remarkable project, he said, “I am very happy to see the kind of collaboration that has been possible between India, Singapore, Indonesia and a number of other countries involved in this project in terms of supply chain linkage.” The High Commissioner appreciated the excellent safety record of the FPSO and its sail-away readiness, despite disruptions due to Covid – 19 and geopolitical challenges.
Mr. Ravi Shankar, CEO and Director of Shapoorji Pallonji Oil and Gas, emphasized the importance of the FPSO for India’s energy security and stated that this deep-water project has given ONGC and Shapoorji Pallonji confidence to pursue ultra deep-water projects in India and overseas.
The FPSO represents India’s commitment to sustainable energy development. It is Asia’s first FPSO with low NOX DLE burners, is equipped with radar-operated oil slick monitoring, and has advanced engineering features that limit its overall energy intensity.

08/11/2022 5:36 PM
Heungheungloveyou sailang with your limited margin capital now, heading to 90c is not a dream
09/11/2022 11:18 AM
KimSua Dollar index seems to have reach its peak at 114 and now hovering along 110 many weeks now. It it drops further expect oil price to go above 100. Oil barons are still bullish as supply continues to be (kept) tight.
10/11/2022 10:51 AM
MoneyMakers Rocket delay this week - china lockdown again

“CNN - China's Guangzhou (manufacturing hub) has locked down a third district as authorities rush to stamp out widening Covid outbreak”
10/11/2022 11:22 AM
hng33 bought back armanda at 42sen
10/11/2022 4:46 PM
hng33 After careful calculate impact on kraken maintenance, upcoming Q3 should still able to record about EPS 3.6sen due to absent of one off impairment in Q2 and strengthen USD.

If armanda indeed record Eps 3.6sen, it imply profit growth both for Q to Q and Q o Q
10/11/2022 5:30 PM
1pingpong Oil is going uptrend for sure. But this Armada ah...Wat Are you doing?
11/11/2022 11:33 AM
1pingpong Never fail to disappoint!!!
11/11/2022 11:34 AM
Robert Waters Friday is never a good day for Armada, as people want to reduce risk before weekend.
Also, final dismissal of the case against woodside happened yesterday.
All considered, not a bad performance in the circumstances.
0.43 is a good price for now.
Consider 23 million shares short that will have to be settled soon as margin kicks in.
It keeps us up too.
_______________________________________________________
KUALA LUMPUR (Nov 10): Bumi Armada Bhd has concluded its six-year legal dispute with former client Australia-based Woodside Energy Julimar Pty Ltd (WEJ), with the offshore production and support services provider failing to obtain any of the claims it sought.

The dispute relates to a terminated RM1.46 billion charter contract between Bumi Armada’s unit Armada Balnaves Pte Ltd (ABPL) and WEJ, which prompted ABPL to file a suit in 2016 at the Supreme Court of Western Australia to seek a declaration that WEJ’s termination of the contract was a repudiatory breach.

It also claimed US$283.51 million for damages in the suit. The damages that ABPL sought comprised payment that the unit claimed it would have been entitled to had the contract not been breached, and US$7.7 million for work done and materials supplied.

The matter was put to rest on Thursday (Nov 10) after the High Court of Australia dismissed ABPL’s bid to appeal a Court of Appeal of the Supreme Court’s (COA's) judgement, as well as ordered ABPL to pay WEJ’s legal costs.

“Today’s decision brings this matter to a conclusion,” Bumi Armada said in a filing on Thursday.

Previously, the Supreme Court decided in favour of WEJ in regard to ABPL’s suit, which led to ABPL filing an appeal at the COA against the decision. However, the COA decided in favour of WEJ in the application on June 24 this year, which then led to ABPL seeking special leave (permission) to appeal "part" of the appellate court's judgement. This application was the one dismissed on Thursday.

Shares in Bumi Armada finished down half a sen or 1.16% at 42.5 sen, giving the company a market capitalisation of RM2.49 billion.
11/11/2022 4:08 PM
MoneyMakers Nice oil going strong - midweek abit oil scare (china/guangzhou lockdown) but strong rally after china announce loosen covid policy

Nxt week target blow past 44sen (Sept high) - if lucky can touch 46.5sen (Jun high)

Never doubt oil this yr-end (EU oil ban Dec 5)
12/11/2022 12:24 PM
ITreeinvestor expected higher profit in coming quaters.............

Mr Targett responded to further queries from the shareholders as follows:-
(a) Foreign currency effect on the Company’s business - 85% of the Company’s revenue was denominated in USD. Generally, if the USD strengthens, BAB net profit would strengthen.
14/11/2022 2:52 PM
Robert Waters More and more coverage about armada sterling v ...

.....
The Indian giant has made multiple awards for the Cluster-2 development of KG-DWN-98/2 including integrated subsea facilities, a floating production storage and offloading unit (FPSO), a central processing platform plus living quarters and a sizeable onshore terminal.

McDermott, along with Baker Hughes and India’s Larsen & Toubro, was awarded a $1.69 billion integrated subsea contract by ONGC in October 2018 for work on the KG-DWN-98/2 asset.

A separate contract for the project’s CPP plus living quarters facility was awarded to a joint venture of India’s Afcons with Malaysia’s Sapura Energy.

While most of the key facilities for the Cluster-2 project are said to be back on track after Covid-related delays, the CPP is understood to be several months behind schedule, due to Sapura’s financial woes.

Armada Sterling V, the FPSO for the KG-DWN-98/2 project built by Sembcorp Marine in Singapore, is preparing to sail away within weeks, Upstream reported on 4 November.

The floater is jointly owned by a pairing of Shapoorji Pallonji Oil & Gas (SP Oil & Gas) and Malaysia’s Bumi Armada. The Indian player holds a 70% stake in the FPSO, while Bumi has the remaining 30%.
14/11/2022 6:01 PM
yangkwang99 CAUTION! MQ TRADING SIGNALS SELL!
17/11/2022 10:43 AM
soon9913 see MISC profit !!!! this counter got potential to at least 0.5
17/11/2022 1:56 PM
chonghai How much profit Armada derive from Kraken every quarter ?
How much profit would Armada be able to derive from Armada Sterling V every quarter once operational ?
19/11/2022 7:13 AM
Macgyver111 Parliament hung, don't know what going to happen to bursa today..adoi
21/11/2022 7:31 AM
nikicheong Armada Sterling V has left the port!!! She is sailing to the Kakinada field as we speak.
21/11/2022 9:59 AM
zonefinder Should be announcing Q3 anytime now
22/11/2022 10:08 AM
nikicheong Results usually announced Friday afternoon. So I expect it latest by this coming Friday.
22/11/2022 11:03 AM
hng33 soon
23/11/2022 10:33 AM
nikicheong Solid set of results. Will comment further once I've gone through it.
24/11/2022 1:16 PM
nikicheong It appears that there are the following one-off to consider. The Q3 results are actually much better once you factor these in.

1) Net allowance for impairment: RM4.5m
2) Reduction in residual vessels (fully owned): RM25.9m
3) Reduction in residual vessels (JV and associates): RM45.1m
24/11/2022 1:28 PM
nikicheong Net Profit to Shareholders: RMRM149.7m

Adjustments:
Net allowance for impairment: +RM4.5m
Reduction in residual vessels (fully owned): +RM25.9m
Reduction in residual vessels (JV and associates): +RM45.1m
Unrealised FX Gain: -RM8.2m

Adjusted Core Net Profit: RM217.0m
24/11/2022 1:34 PM
kahfui1221 Announcing Bumi Armada Bhd's third quarter financial performance, CEO Gary Christensen says the group will continue to pursue new projects amid the higher energy prices.

"It was pleasing that during the quarter we successfully conducted the planned process shutdowns of two of our vessels in a safe and efficient manner and restarted ahead of plan.
24/11/2022 2:01 PM
kahfui1221 It said cash generation remained strong with net operating cash flow of RM512.2mil, which enabled it to repay almost US$74.8mil of debt during the quarter.

It added that the future firm orderbook as at end-September 2022 stood at RM13bil with additional optional extensions of up to RM9.9bil.

Year-to-date, Bumi Armada recorded a net profit of RM521.73mil, up from RM456.07mil in 3Q21 while revenue rose to RM1.8bil from RM1.65bil.
24/11/2022 2:01 PM
ITreeinvestor Dun forget that no more Kraken & TGT shutdown for maintenance in next quarters.

Adjustments:
Net allowance for impairment: +RM4.5m
Reduction in residual vessels (fully owned): +RM25.9m
Reduction in residual vessels (JV and associates): +RM45.1m
Unrealised FX Gain: -RM8.2m

Adjusted Core Net Profit: RM217.0m
24/11/2022 2:25 PM
zonefinder Lets see how the market will react towards this set of solid results. Of importance is the continual reduction in net borrowings and future earning potential.
24/11/2022 2:26 PM
hng33 sold armanda at 43.5sen, took profit first
24/11/2022 2:56 PM
hng33 sold off balance armanda at 44sen
24/11/2022 3:05 PM
nikicheong Guys, please share the PDFs of research reports as you have them.
24/11/2022 6:00 PM
Macgyver111 Malaysian offshore vessel provider Bumi Armada has selected OPEX artificial intelligence technology to reduce carbon emissions on an FPSO facility located in the North Sea.


Source: Bumi Armada
OPEX Group’s emissions.AI software will be deployed on the Armada Kraken FPSO facility, which serves the EnQuest-operated Kraken Field located in the northern North Sea.

According to Bumi Armada, the technology will deliver real-time emissions data, insights and intelligence, identifying key opportunities to reduce emissions from the facility, and will also support with implementing solutions and cost-saving strategies.

“While we have already successfully achieved continued emissions reduction, we are dedicated to evolving our operations globally to ensure we integrate sustainability into daily operations,” said David Clark, SVP of Operations from Bumi Armada.

“Adopting this technology is a big step towards utilising the power of data to better understand how our plant is being operated and where there are opportunities for improvement across our projects and operations.”

The Armada Kraken FPSO is a converted Suezmax tanker and has a nameplate production capacity of 80,000b per day, a storage capacity of more than 600,000 barrels, and is able to handle 460,000 barrels per day of fluids.
25/11/2022 7:02 AM
Macgyver111 KUALA LUMPUR (Nov 25): CGS-CIMB Securities has maintained its “Add” rating on Bumi Armada Bhd (BAB) at 44 sen with a higher target price (TP) of 57 sen and said BAB’s 9M22 core net profit outperformed at 92% of house previous FY22F forecast (79% of consensus), due to pre-FEED profits in 2Q22 and 3Q22.

In a note on Thursday (Nov 24), the research house said that next year, BAB can also look forward to being potentially awarded TotalEnergies’ FPSO Cameia EPCC project, as BAB is in pole position to win the contract, citing industry newspaper Upstream.

CGS-CIMB said this is a potential rerating catalyst.

“BAB will not own the asset, hence the risk of a rights issue is minimal, in our view.

“Downside risks include a potential rights issue should BAB win a separate large FPSO project on a build-own-lease basis.

“Reiterate Add with higher SOP-based TP of 57 sen by rolling forward to end-CY23F, partially offset by a higher risk-free rate of 4.5% (from 4% previously),” it said.
25/11/2022 10:04 AM
ITreeinvestor Y23Q1 another additional profit coming in.

30%-owned Armada Sterling V (the remaining 70% owned by Oil and Natural Gas Corporation) has sailed away in early November this year and is expected to arrive in the east coast of Kakinada, offshore India by the end of 2022. This paves the path for maiden earnings contributions from the vessel from 1QFY23 onwards.
25/11/2022 10:20 AM
nikicheong Anybody got the updates from UOB, RHB etc?
25/11/2022 1:24 PM
nikicheong CIMB: https://rfs.cgs-cimb.com/api/download?file=3cd671d1-499e-403c-94d2-9d385eec5d0e
25/11/2022 2:05 PM
OrlandoOilSemiconIoT Reduction in residual vessels (fully owned): RM25.9m


Reduction in residual vessels (JV and associates): RM45.1m

Where do these come from?

After so many rounds...

Anymore in the closet?



Making people uneasy... reasons for low PE
26/11/2022 8:24 AM
OrlandoOilSemiconIoT Tot market conditions have since improved a lot?

High inflation not pushing up cost of new vessels?
26/11/2022 8:34 AM
Robert Waters From RHB

https://research.rhbtradesmart.com/view-file/hash/9176018973516544637f9b1f23d9f?NO_CACHE=fbdbc7150cfe2ecbc71c62ed0e9c7182

25 November 2022 Energy & Petrochemicals | Offshore & Marine
Bumi Armada (BAB MK) Another Solid Quarter; Keep BUY
Buy (Maintained)
Target Price (Return): MYR0.61 (+39%)
Price (Market Cap): MYR0.44 (USD579m) ESG score: 2.90 (out of 4)
Avg Daily Turnover (MYR/USD) 4.81m/1.05m
Analyst Sean Lim, CFA +603 9280 8867 sean.lim@rhbgroup.com
Share Performance (%)

Keep BUY, with new SOP-based MYR0.61 TP from MYR0.59, 39% upside. Bumi Armada’s 9M22 results surpassed our expectations, with core profit surging 16% YoY on better Kraken availability, lower depreciation and finance costs. The group is still actively bidding for new
projects while Armada Sterling V has sailed away from the yard. BAB remains our sector Top Pick for its undemanding valuation (3.5x FY23F P/E) and strengthening balance sheet, led by stable FPSO operations and continuous asset monetisation.
28/11/2022 9:08 PM

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