券商:印度诉讼影响微 布米阿马达(ARMADA,5210,主板能源股)可逢低买进
(吉隆坡20日讯)布米阿马达(ARMADA,5210,主板能源股)在印度陷入诉讼案风波,但分析员不过分担忧其在当地的项目受影响,且若股价因此受挫,都视为入场时机。
大马投行研究今日发布报告写道,布米阿马达截至去年底,未完成订单总值高达134亿令吉,当中18%来自4项印度联营项目;全球知名的当地财团Sharpoorji Pallonji是所有联营项目的伙伴。
这四项印度项目,包括布米阿马达持有49%股权的Sterling & Sterlign II浮式生产储卸油船(FPSO),目前正投运在孟买附近的D1和Cluster-7油田。
其次,则是持股30%的Armada Sterling V FPSO,当前用于ONGC NELP油田KG-DWN 98/2开发项目的Cluster-II油田;后者位于印度近海Kakinada东海岸。
再来,在孟买港营运,有30年特许经营权的浮式储存再气化装置,布米阿马达持股49%。
“若剔除持股49%,且位于印尼东爪哇岸外Madura BD油田的Karapan Armada Steling III FPSO,我们估计该公司在印度合约(前面3项项目)的贡献,占当前未完成订单总值12%。”
“因此,我们认为该公司2021财年税前盈利中,约有12%贡献来自印度。”
现阶段,分析员不过度担忧该公司在当地的合约会受牵连,因为联营伙伴和其管理层,均没有涉及此案。
涉案金额不大
此外,所涉及的实际金额,似乎对布米阿马达收入而言,相对不显著。
“因此,我们认为因该事件而出现的任何潜在股价下滑,都可视为更好的入场收购机会。”
在估值方面,该公司2022财年4倍本益比,已经很不合理了,毕竟自2020财年末季Armada Kraken营运恢复正常后,核心盈利表现已稳健,且财务状况健康。
分析员维持财测不变,等待指控内容的进一步披露,并维持“买入”评级和83仙目标价,反映出中和的3星环境、社会与监管(ESG)评级,及2022财年8倍本益比。
周三闭市,布米阿马达报43仙,下跌1.5仙或3.37%,成交量3726万7300股。
布米阿马达业绩预测 20/4/22
事发缘由
布米阿马达在近日证实,与旗下的布米阿马达领航公司(BAN),遭到印度中央调查局(CBI)、印度执法局(ED)起诉,目前处于审讯阶段。
其他被告还有印度前财政部长奇丹巴兰姆、据称由奇丹巴兰姆控制的Chess管理服务公司、其他位于印度和大马的企业和个人。
控方指,奇丹巴兰姆在2006年违法批准外国投资促进委员会,批准明讯(MAXIS,6012,主板电信与媒体股)对Aircel公司的投资。
作为交换条件,布米阿马达和BAN在2007及2009年间,分别向Chess管理服务公司汇款约9万和1万美元(约38万和4万令吉);后者由奇丹巴兰姆儿子控制。
https://www.enanyang.my/%E8%B4%A2%E7%BB%8F%E6%96%B0%E9%97%BB/%E5%88%B8%E5%95%86%E5%8D%B0%E5%BA%A6%E8%AF%89%E8%AE%BC%E5%BD%B1%E5%93%8D%E5%BE%AE-%E5%B8%83%E7%B1%B3%E9%98%BF%E9%A9%AC%E8%BE%BE%E5%8F%AF%E9%80%A2%E4%BD%8E%E4%B9%B0%E8%BF%9B
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