Results Note - Bumi Armada (BUY, maintain)

Top Calls

Results Note - Bumi Armada (BUY, maintain) - Counting on Kraken BAB reported higher revenue qoq due to the maiden contribution from FPSO Olombendo which started production in February, as well as Malta FSU. 1Q17 core net profit came in at RM66.9m, which accounted for 21% and 24% of our and the street's estimates. The result is in line with our expectation, as we should see new earnings contribution coming in from the FPSO Kraken project in 2H17. We maintain BUY with a higher SOTP-based 12M target price of RM0.95 as we roll forward our base year to FY18E.

Other Calls

Results Note - AFG (BUY, maintain) - Short-term pain, long-term gain

Results Note - MSM (SELL, downgrade) - Loss in 1Q17

Results Note - Sime Darby (HOLD, maintain) - 9MFY17 results below expectations

Results Note - AMMB Holdings (HOLD, maintain) - A stronger 4Q17; major announcement pending

Results Note - Felda Global Ventures (HOLD, maintain) - Sugar business dragging earnings

Sector Update - Banking (OVERWEIGHT, maintain) - April 17 lacks positive surprises, some pullback

Economy - CPI - CPI to moderate in 2H17 despite OPEC decision

Morning News and Market Summary

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