$PETDAG / 5681 (PETRONAS DAGANGAN BHD)
Research by MIDF
Buy - TP RM24.63

"High Opex, Product Cost Offset by High Product Demand"

• 1HFY24 earnings lost 13%yoy and revenue up +9%yoy, earnings below our expectation
• Higher revenue due to higher sales volume and ASP; lower earnings due to higher product costs and opex
• All segments contributed to the lower earnings, but sales higher for Retail and Convenience segments
• Maintain BUY with revised TP of RM24.63

Analyst:
MIDF Research
research@midf.com.my