[%HhDi%] 
Research by TA
BUY – TP RM1.89

" Perdiz and Papan Processing at Max Capacity”

Key takeaways from COASTAL’s analyst briefing: (i) Papan and Perdiz Plant have reached their maximum processing capacity. (ii) TC7 underwent 5-year SPS from 13th June to 24th August; (iii) Potential Conversion of JUGCSU into MOPU; We have adjusted our utilisation rate forecast solely for TC7 from 83% to 80% for FY24 and increased the maximum processing capacity assumption for Perdiz Plant to 185mmscfd (from 180mmscfd), the latest disclosed capacity during the analyst briefing. Following this, we raise our FY24/FY25/FY26 earnings forecasts by 0.1%/5.6%/7.3%. Upgrade to Buy with a slightly higher TP of RM1.89/share (previous: RM1.88/share) based on SOP valuation

Analyst:  
Lee Yun Leon 
[%JNtU%]

$KLSE-COASTAL 
Research by TA
BUY – TP RM1.89

" Perdiz and Papan Processing at Max Capacity”

Key takeaways from COASTAL’s analyst briefing: (i) Papan and Perdiz Plant have reached their maximum processing capacity. (ii) TC7 underwent 5-year SPS from 13th June to 24th August; (iii) Potential Conversion of JUGCSU into MOPU; We have adjusted our utilisation rate forecast solely for TC7 from 83% to 80% for FY24 and increased the maximum processing capacity assumption for Perdiz Plant to 185mmscfd (from 180mmscfd), the latest disclosed capacity during the analyst briefing. Following this, we raise our FY24/FY25/FY26 earnings forecasts by 0.1%/5.6%/7.3%. Upgrade to Buy with a slightly higher TP of RM1.89/share (previous: RM1.88/share) based on SOP valuation

Analyst:  
Lee Yun Leon 
yllee@ta.com.my