[%zoSZ%]
Research by Kenanga
Market Perform - TP RM3.61

"Improved Margin Led 1HFY24 Growth"

GASMSIA’s 1HFY24 results topped forecasts due to higher-than-expected margin spread which was partly due to better ASP that pushed retail margin higher. Having said that, we keep our sales growth assumption (+4%/+3% in FY24/FY25) while margin spread is set to reduce for client’s contract extension due this year-end. We raise FY24F earnings by 8% and TP to RM3.61 (from RM3.59). It remains a MARKET PERFORM for its attractive dividend yield of >6%.

Analyst:
Teh Kian Yeong 
[%MIMg%]

$KLSE-GASMSIA
Research by Kenanga
Market Perform - TP RM3.61

"Improved Margin Led 1HFY24 Growth"

GASMSIA’s 1HFY24 results topped forecasts due to higher-than-expected margin spread which was partly due to better ASP that pushed retail margin higher. Having said that, we keep our sales growth assumption (+4%/+3% in FY24/FY25) while margin spread is set to reduce for client’s contract extension due this year-end. We raise FY24F earnings by 8% and TP to RM3.61 (from RM3.59). It remains a MARKET PERFORM for its attractive dividend yield of >6%.

Analyst:
Teh Kian Yeong 
tehky@kenanga.com.my