KUALA LUMPUR (April 27): Bumi Armada Bhd (Armada) shares rose 1.28% in early trade today after Hong Leong IB Research said Armada was ripe for another upleg to retest 87.5 sen to 93 sen zones after a brief pullback.
At 9.12am, Armada rose 1 sen to 79 sen with 2.32 million shares done.
In a trading idea note today, HLIB Research said it has a “Buy” rating on Armada with an institutional target price of RM1.00, or 28.2% upside.
“At 78 sen, valuation remains undemanding 0.6x P/B (still below its 10-year historical trough P/B of 0.7x), supported by 8.8x FY17 P/E and a strong 13% earnings CAGR from 2014-2017.
“Poised to retest 87.5 sen - 93 sen zones if share price able to stage a decisive breakout above 81 sen. Crucial supports are 70 sen- 75.5 sen. Cut loss at 69.5 sen,” it said.
ARMADA (5210) - Hot Stock Bumi Armada rises 1.28% on positive outlook for an upleg
http://www.theedgemarkets.com/my/article/bumi-armada-rises-128-positive-outlook-upleg
