[%tDWR%]
Research by HLIB
Hold - TP RM18.00

"Sustained showing"

PGB’s 2QFY24 core PATMI of RM470.9m (+5.1% QoQ; -9.8% YoY) and 1HFY24 of RM919.1m (-2.6% YoY) was within HLIB’s expectation (47.2%) and consensus (47.9%). Declared a second interim dividend of 16 sen/share (ex-date: 4 Sep 2024). We expect PGB’s earnings to remain stable in FY24-26, as it is largely protected by the new GPA (for Gas Processing Segment) and RAB structures (for Gas Transportation and Regasification segments). Maintain HOLD with an unchanged SOP-derived TP of RM18.00. Dividend yields have become less attractive at 4.0% based on its current price.

Analyst:
Daniel Wong
[%kgJb%]

$KLSE-PETGAS
Research by HLIB
Hold - TP RM18.00

"Sustained showing"

PGB’s 2QFY24 core PATMI of RM470.9m (+5.1% QoQ; -9.8% YoY) and 1HFY24 of RM919.1m (-2.6% YoY) was within HLIB’s expectation (47.2%) and consensus (47.9%). Declared a second interim dividend of 16 sen/share (ex-date: 4 Sep 2024). We expect PGB’s earnings to remain stable in FY24-26, as it is largely protected by the new GPA (for Gas Processing Segment) and RAB structures (for Gas Transportation and Regasification segments). Maintain HOLD with an unchanged SOP-derived TP of RM18.00. Dividend yields have become less attractive at 4.0% based on its current price.

Analyst:
Daniel Wong
kkwong@hlib.hongleong.com.my