[%PZDK%] 
Research by RHB
Neutral - TP RM17.47

"Steady The Ship"

KeepNEUTRALandMYR17.47TP,4%downside.PetronasGasdelivereda flattish set of results in 1H24 without any surprises. We expect the group to continue investing in both regulated and non-regulated projects, but near- term earnings could be still pressured by elevated maintenance costs. PTG still offers decent FY24F-26F dividend yields of c.4.4-4.5%, backed by a strong balance sheet (net cash of MYR26m as of 2Q24).

Analyst:
Sean Lim, CFA 
[%XugE%]

$KLSE-PETGAS 
Research by RHB
Neutral - TP RM17.47

"Steady The Ship"

KeepNEUTRALandMYR17.47TP,4%downside.PetronasGasdelivereda flattish set of results in 1H24 without any surprises. We expect the group to continue investing in both regulated and non-regulated projects, but near- term earnings could be still pressured by elevated maintenance costs. PTG still offers decent FY24F-26F dividend yields of c.4.4-4.5%, backed by a strong balance sheet (net cash of MYR26m as of 2Q24).

Analyst:
Sean Lim, CFA 
sean.lim@rhbgroup.com