KUALA LUMPUR: AmInvestment Bank Bhd has maintained its ‘buy’ recommendation on oil and gas support services provider, Bumi Armada Bhd, with a higher sum-of-parts (SOP)-based fair value of 54 sen per share from 42 sen per share set earlier. Bumi Armada was the most actively traded share on Bursa Malaysia yesterday with about 170 million shares changing hands. In a note today, AmInvestment described the sell-down on Bumi Armada’s shares on Tuesday as overblown. “Furthermore, the management views that the worst is over for Armada Kraken’s operational performance, we view the sell-down on Bumi Armada’s shares as overblown,” it said. At 10.34 am, Bumi Armada was the most actively traded stocks on the local bourse, with its share price rising 2.5 sen to 42.5 sen and registered a volume of about 214.52 million shares.

Source: New Strait Times October 23, 2019 03:11 UTC