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Research by TA
Sell - TP RM18.10

"Targeted Subsidies to Drag Earnings"

Maintain Sell at unchanged TP of RM18.10 based on of 20x CY25 EPS. Our valuation is at a discount to its 5-year mean forward PER of 31x given an increasingly challenging earnings outlook from subsidy rationalisation plans undertaken by the Government.

Analyst:
Kaladher Govindan 
[%CgKp%]

$KLSE-PETDAG
Research by TA
Sell - TP RM18.10

"Targeted Subsidies to Drag Earnings"

Maintain Sell at unchanged TP of RM18.10 based on of 20x CY25 EPS. Our valuation is at a discount to its 5-year mean forward PER of 31x given an increasingly challenging earnings outlook from subsidy rationalisation plans undertaken by the Government.

Analyst:
Kaladher Govindan 
kaladher@ta.com.my