OIL & GAS
$DIALOG / 7277 (DIALOG GROUP BERHAD) $ARMADA / 5210 (BUMI ARMADA BERHAD) $HIBISCS / 5199 (HIBISCUS PETROLEUM BERHAD)
Research by HLIB
Overweight

“Petronas 1Q24 results: Rising domestic capex”

Petronas 1Q24 capex amounted to RM10.7bn (vs 1Q23: RM10.4bn), which we believe will gradually ramp up in the coming quarters to total RM60bn by end of 2024. Maintain our OVERWEIGHT rating on the sector with Brent crude oil forecast of USD85/bbl for 2024 and 2025.

Analyst(s):
Brian Chin
brianchy@hlib.hongleong.com.my