$PETGAS / 6033 (PETRONAS GAS BERHAD)
Research by MIDF
Buy - TP RM19.23

"Earnings Supported by Lower Opex, Higher Sales Volume"

• 1HFY24 earnings up +2%yoy due to lower opex, lower exposure to forex; but came in below expectations
• 1HFY24 revenue down -1%yoy due to lower product prices amid higher sales volume
• Stable earnings in coming quarters on better cost management and stagnant MRP in 2HCY24
• Maintain BUY with revised TP: RM19.23

Analyst:
MIDF Research
research@midf.com.my