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We upgrade Bumi Armada to BUY from SELL with a higher fair value (FV) of RM0.47/share vs. an earlier RM0.10/share, based on its 5-year P/BV trough of 0.2x. Our FV is based on a 30% discount of the group’s sum-of-parts as there could be additional impairments due to idle vessels, especially for the 2 offshore construction units in the Caspian Sea.
