MIDF Research maintains Neutral on Bumi Armada, target RM1.12

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KUALA LUMPUR (April 15): MIDF Research has maintained its “Neutral” rating on Bumi Armada Bhd with an unchanged target price of RM1.12 after Bumi Armada’s (BAB) units entered into agreements with ElectroGas Malta Limited

In a note today, the research house said the agreements are for the conversion, supply and operations and maintenance of a floating storage unit (FSU) in Malta

“The contract is worth USD300 million (approximately RM1.1 billion) with a duration of 18 years 2 months

“Maintain Neutral with an unchanged target price of RM1.12 per share,” it said.