[%SSqT%] 
Research by RHB
Buy - TP RM0.70

"Another Strong Quarter; Keep BUY"

KeepBUYandMYR0.70TP,33%upside.BumiArmada’s1H24resultsbeat estimates on stronger margins and lower tax expenses. Its valuation remains fairly attractive, at 4.3x FY25F P/E – assuming the charter for Armada Kraken is extended at a lower rate. The continuous strengthening of its balance sheet and solid operating cash flow allows the group to bid for new projects and expand into other new ventures.

Analyst:
Sean Lim, CFA 
[%vLpC%]

$KLSE-ARMADA 
Research by RHB
Buy - TP RM0.70

"Another Strong Quarter; Keep BUY"

KeepBUYandMYR0.70TP,33%upside.BumiArmada’s1H24resultsbeat estimates on stronger margins and lower tax expenses. Its valuation remains fairly attractive, at 4.3x FY25F P/E – assuming the charter for Armada Kraken is extended at a lower rate. The continuous strengthening of its balance sheet and solid operating cash flow allows the group to bid for new projects and expand into other new ventures.

Analyst:
Sean Lim, CFA 
sean.lim@rhbgroup.com