Bumi Armada cut to hold at JF Apex Securities; price target 35 sen

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KUALA LUMPUR (March 1): JF Apex Securities Bhd analyst Lee Cherng Wee downgraded the recommendation on Bumi Armada Bhd to hold from buy.

* Price target (PT) lowered to 35 sen from 66 sen, implies 112% increase. Bumi Armada average PT is 30 sen.

* Bumi Armada had 4 buys, 9 holds, 3 sells previously: Bloomberg data

* Analysts lowered their consensus one-year target price for the stock by 23 percent in the past three months. Forecasts range from 10 sen to 55 sen. 

Performance Metrics

* Investors who followed Lee's recommendation would have received a negative 79 percent return in the past year, the same as the company's performance.
* In the past six years and two months, JF Apex Securities Bhd has rated Bumi Armada buy three times, hold three times and sell once.
* The shares fell an average 43 percent in the periods rated buy, fell an average 19 percent in the periods rated hold and were flat in the periods rated sell.