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Research by Kenanga
Market Perform – TP RM3.55

“A Strong Start to FY24"

GASMSIA’s 1QFY24 results beat our forecast (due to a higher sales volume and a better gas reference price) but only met market expectations. Its 1QFY24 core net profit rose 8% YoY driven largely by a higher sales volume. We raise our FY24-25F net profit forecasts by 9% and 12%, respectively, lift our TP by 7% to RM3.55 (from RM3.33) but maintain our MARKET PERFORM call. The stock offers an attractive dividend yield of >6%.

Analyst:
Teh Kian Yeong 
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$KLSE-GASMSIA
Research by Kenanga
Market Perform – TP RM3.55

“A Strong Start to FY24"

GASMSIA’s 1QFY24 results beat our forecast (due to a higher sales volume and a better gas reference price) but only met market expectations. Its 1QFY24 core net profit rose 8% YoY driven largely by a higher sales volume. We raise our FY24-25F net profit forecasts by 9% and 12%, respectively, lift our TP by 7% to RM3.55 (from RM3.33) but maintain our MARKET PERFORM call. The stock offers an attractive dividend yield of >6%.

Analyst:
Teh Kian Yeong 
tehky@kenanga.com.my