[%JuZL%]
Research by Maybank
Hold - TP RM18.00

"Largely stable"

PTG’s 2Q24 core net profit was in line with our/consensus forecasts, with earnings remaining largely stable sequentially. We expect maintenance cost to potentially trend up in 2H24. With the new GPA now in effect, there are no more material regulatory events pending in the near term. Maintain HOLD with an unchanged MYR18.00 DCF-based TP. We marginally prefer Gas Malaysia (GMB MK, HOLD, CP: MYR3.63, TP: MYR3.60) among the gas utilities.

Analyst:
Tan Chi Wei, CFA
[%ESWy%]

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

"Largely stable"

PTG’s 2Q24 core net profit was in line with our/consensus forecasts, with earnings remaining largely stable sequentially. We expect maintenance cost to potentially trend up in 2H24. With the new GPA now in effect, there are no more material regulatory events pending in the near term. Maintain HOLD with an unchanged MYR18.00 DCF-based TP. We marginally prefer Gas Malaysia (GMB MK, HOLD, CP: MYR3.63, TP: MYR3.60) among the gas utilities.

Analyst:
Tan Chi Wei, CFA
chiwei.t@maybank-ib.com