[%lSkV%]
Research by Kenanga
Market Perform - TP RM17.87

"2QFY24 Remains Resilient"

PETGAS’s 1HFY24 results met expectations. Its 1HFY24 core net profit rose slightly by 1% YoY on lower gas cost. While its earnings growth may seem pedestrian, its regulated assets offer resilient earnings which support a decent dividend yield of c.4%, though we opine that it is currently fairly priced. Hence, we keep our forecasts, TP of RM17.87 and MARKET PERFORM call

Analyst:
Teh Kian Yeong 
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$KLSE-PETGAS
Research by Kenanga
Market Perform - TP RM17.87

"2QFY24 Remains Resilient"

PETGAS’s 1HFY24 results met expectations. Its 1HFY24 core net profit rose slightly by 1% YoY on lower gas cost. While its earnings growth may seem pedestrian, its regulated assets offer resilient earnings which support a decent dividend yield of c.4%, though we opine that it is currently fairly priced. Hence, we keep our forecasts, TP of RM17.87 and MARKET PERFORM call

Analyst:
Teh Kian Yeong 
tehky@kenanga.com.my