$ARMADA / 5210 (BUMI ARMADA BERHAD)
Research by Kenanga
MARKET PERFORM – TP RM0.58

"Exploring CO2 Business”

ARMADA, through a 50:50 JV with UK-listed Navigator Holdings, has signed an MOU with international energy company Uniper (UK) Limited (Uniper) to explore liquid CO2 storage and carriers.We believe the capex requirements will be lower than those of LNG projects. We maintain our forecasts, TP of RM0.58 and MARKET PERFORM call.

Analyst:
Lim Sin Kiat, CFA
limsk@kenanga.com.my