[%AnEb%] 
Research by Kenanga
OUTPERFORM – TP RM21.20

"Diesel Volumes Stable for Now”

In an analyst briefing, PETDAG shared that the decline in its retail diesel volumes due to subsidy rationalisation has been largely offset by an improvement in its commercial division. Additionally, the significant sales drop from petrol stations near the Malaysian border appears to be insignificant relative to the group’s total sales at this juncture. We maintain our forecasts, TP of RM21.20 and OUTPERFORM call.  

Analyst:
Lim Sin Kiat CFA
[%bHJD%]

$KLSE-PETDAG 
Research by Kenanga
OUTPERFORM – TP RM21.20

"Diesel Volumes Stable for Now”

In an analyst briefing, PETDAG shared that the decline in its retail diesel volumes due to subsidy rationalisation has been largely offset by an improvement in its commercial division. Additionally, the significant sales drop from petrol stations near the Malaysian border appears to be insignificant relative to the group’s total sales at this juncture. We maintain our forecasts, TP of RM21.20 and OUTPERFORM call.  

Analyst:
Lim Sin Kiat CFA
limsk@kenanga.com.my