[%kgVu%] 
Research by Maybank
Buy - TP RM0.68

"2Q24: Deleveraging continues"

BArmada’s 2Q24 results came in slightly above ours and consensus expectations. As such, we raise our FY24-26E earnings forecasts by +12%/+16%/+16% respectively to account for higher profit contribution from 30%-owned Armada Sterling V. Our SOP-based TP is also lifted marginally to MYR0.68 (from MYR0.66). Further upside can be derived from extension of TGT1 FPSO contract beyond Nov 2024. Maintain BUY.

Analyst:
Jeremie Yap
[%mTFt%]

$KLSE-ARMADA 
Research by Maybank
Buy - TP RM0.68

"2Q24: Deleveraging continues"

BArmada’s 2Q24 results came in slightly above ours and consensus expectations. As such, we raise our FY24-26E earnings forecasts by +12%/+16%/+16% respectively to account for higher profit contribution from 30%-owned Armada Sterling V. Our SOP-based TP is also lifted marginally to MYR0.68 (from MYR0.66). Further upside can be derived from extension of TGT1 FPSO contract beyond Nov 2024. Maintain BUY.

Analyst:
Jeremie Yap
jeremie.yap@maybank-ib.com