$PETRONM / 3042 (PETRON MALAYSIA REFINING & MARKETING BHD)
Research by Kenanga
Market Perform - TP of RM4.74
"Unfavourable Crack Spreads"
PETRONM’s FY23 results disappointed on poor crack spreads, partially offset by a higher sales volume. We expect crack spreads to remain unfavourable over the immediate term, due to excess refining capacity coupled with weak demand for refined products amidst a soft global economy. We maintain our forecasts, TP of RM4.74 and MARKET PERFORM call.
Analyst(s):
Nigel Ng
nigel@kenanga.com.my