[%uRYl%]
Research by Maybank
Hold - TP RM3.60

"Possibly the peak for FY24"

2Q24 results were in line with our/consensus expectations, as gas prices peaked in the quarter. We expect a weaker 2H24 based on current gas price trends. Nevertheless, GMB’s >6% dividend yield should provide some degree of downside support, in our view. Maintain HOLD with an unchanged DCF-based TP of MYR3.60. On a relative basis, GMB remains our preferred pick among the gas utilities.

Analyst:
Tan Chi Wei, CFA
[%ZfSg%]

$KLSE-GASMSIA
Research by Maybank
Hold - TP RM3.60

"Possibly the peak for FY24"

2Q24 results were in line with our/consensus expectations, as gas prices peaked in the quarter. We expect a weaker 2H24 based on current gas price trends. Nevertheless, GMB’s >6% dividend yield should provide some degree of downside support, in our view. Maintain HOLD with an unchanged DCF-based TP of MYR3.60. On a relative basis, GMB remains our preferred pick among the gas utilities.

Analyst:
Tan Chi Wei, CFA
chiwei.t@maybank-ib.com