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Research by TA
Buy - TP RM2.00

"Potential Conversion of JUGCSU into MOPU"

Key takeaways from COASTAL’s analyst briefing: (i) Potential to convert JUGCSU 6. into MOPU; (ii) Gas processing volume is increasing as planned; (iii) Engaging with luxury hotel operators for Pulau Mabul Resort Project; (iv) Targeting production-related infrastructure projects. We increase the tariff assumption and the maximum processing capacity assumption for Papan Plant, hence raising our FY24-FY26 earnings forecasts by 25.8%-54.7%. Upgrade to Buy with a higher TP of RM2.00/share (previous: RM1.74/share) based on SOP valuation.

Analyst:
Ong Tze Hern 
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$KLSE-COASTAL
Research by TA
Buy - TP RM2.00

"Potential Conversion of JUGCSU into MOPU"

Key takeaways from COASTAL’s analyst briefing: (i) Potential to convert JUGCSU 6. into MOPU; (ii) Gas processing volume is increasing as planned; (iii) Engaging with luxury hotel operators for Pulau Mabul Resort Project; (iv) Targeting production-related infrastructure projects. We increase the tariff assumption and the maximum processing capacity assumption for Papan Plant, hence raising our FY24-FY26 earnings forecasts by 25.8%-54.7%. Upgrade to Buy with a higher TP of RM2.00/share (previous: RM1.74/share) based on SOP valuation.

Analyst:
Ong Tze Hern 
thong@ta.com.my