[%JWkY%] 
Research by HLIB
HOLD – TP RM18.00

"Business as usual”

1HFY24 core earnings of RM919.1m fell -2.6% YoY, on lower JV/Associates contribution and higher effective tax expense. Earnings are expected to remain stable in 2HFY24. Ongoing planned projects are progressing within schedule with potential two new power plant projects to be firmed up. We maintain our HOLD recommendation on PGB with unchanged SOP-derived TP of RM18.00. 

Analyst:
Daniel Wong
[%YCyJ%]

$KLSE-PETGAS 
Research by HLIB
HOLD – TP RM18.00

"Business as usual”

1HFY24 core earnings of RM919.1m fell -2.6% YoY, on lower JV/Associates contribution and higher effective tax expense. Earnings are expected to remain stable in 2HFY24. Ongoing planned projects are progressing within schedule with potential two new power plant projects to be firmed up. We maintain our HOLD recommendation on PGB with unchanged SOP-derived TP of RM18.00. 

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