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Research by RHB
Neutral - TP RM20.24

"A Temporary Breather?"

Keep NEUTRAL, with new MYR20.24 TP from MYR20.82, 9% upside. Petronas Dagangan’s 1H24 results bore no surprises, with core profit falling 11% YoY no thanks to higher opex despite overall sales volume growth of 6%. We believe the potential delay in the RON95 subsidy rationalisation would provide a breather while a clearer impact on the diesel subsidy rationalisation will be known in 2H24.

Analyst:
Sean Lim, CFA 
[%YlVY%]

$KLSE-PETDAG
Research by RHB
Neutral - TP RM20.24

"A Temporary Breather?"

Keep NEUTRAL, with new MYR20.24 TP from MYR20.82, 9% upside. Petronas Dagangan’s 1H24 results bore no surprises, with core profit falling 11% YoY no thanks to higher opex despite overall sales volume growth of 6%. We believe the potential delay in the RON95 subsidy rationalisation would provide a breather while a clearer impact on the diesel subsidy rationalisation will be known in 2H24.

Analyst:
Sean Lim, CFA 
sean.lim@rhbgroup.com