$ARMADA / 5210 (BUMI ARMADA BERHAD)
Research by MIDF
Buy - TP RM0.85

"1HFY24 Performance Highlights Improved Prospects"

• 1HFY24 earnings up +58%yoy, came in above expectations
• Revenue up +23%yoy due to higher contribution from Olembendo and Kraken
• Promising prospects for TGT-1 extension, Sterling V commencing charter rate, Akia PSC appraisal, Bluestreak JV
• Maintain BUY with a revised target price of RM0.85

Analyst:
MIDF Research
research@midf.com.my