[%HoNO%] 
Research by CGS
Add - TP RM0.79

"2H24F core earnings to remain robust"

■ 1H24 core net profit made up 63% of our previous full-year forecast, better than expected on successful O&M contract renegotiation back in 1Q24.
■ Reiterate Add with higher SOP-based TP of 79 sen, as we factor in a likely extension of the Armada TGT-1 FPSO charter extension.
■ 2H24F core earnings should benefit from the Armada Sterling 5 FPSO’s final acceptance on 1 Jul 2024, which will allow it to book full daily charter rates.

Analyst:
Raymond YAP, CFA
[%naHW%]

$KLSE-ARMADA 
Research by CGS
Add - TP RM0.79

"2H24F core earnings to remain robust"

■ 1H24 core net profit made up 63% of our previous full-year forecast, better than expected on successful O&M contract renegotiation back in 1Q24.
■ Reiterate Add with higher SOP-based TP of 79 sen, as we factor in a likely extension of the Armada TGT-1 FPSO charter extension.
■ 2H24F core earnings should benefit from the Armada Sterling 5 FPSO’s final acceptance on 1 Jul 2024, which will allow it to book full daily charter rates.

Analyst:
Raymond YAP, CFA
raymond.yap@cgsi.com