[%Ohxi%] 
Research by Kenanga
Market Perform – Target Price RM4.74

“PETRONM’s 9MFY23 results beat our expectation on improved crack spreads in 3QFY23. Nonetheless, its 9MFY23 core net profit still eased 28% YoY as narrower crack spreads more than offset an improved sales volume. We raise our FY23-24F earnings forecasts by 6% and 2%, respectively, lift our TP by 2% to RM4.74 (from RM4.65) but maintain our MARKET PERFORM call as we are cautious on the outlook for refining spreads”

Analyst:
Nigel Ng 
[%CUxV%]

$KLSE-PETRONM 
Research by Kenanga
Market Perform – Target Price RM4.74

“PETRONM’s 9MFY23 results beat our expectation on improved crack spreads in 3QFY23. Nonetheless, its 9MFY23 core net profit still eased 28% YoY as narrower crack spreads more than offset an improved sales volume. We raise our FY23-24F earnings forecasts by 6% and 2%, respectively, lift our TP by 2% to RM4.74 (from RM4.65) but maintain our MARKET PERFORM call as we are cautious on the outlook for refining spreads”

Analyst:
Nigel Ng 
nigel@kenanga.com.my

$PETRONM / 3042 (PETRON MALAYSIA REFINING & MARKETING BHD)