PETGAS
Petronas Gas Berhad
Company Background
PETRONAS to Work with Authorities to Support Those Affected by Putra Heights Incident
Petroliam Nasional Bhd (Petronas) has committed to working closely with relevant ministries and agencies to channel timely and meaningful support to the families impacted by the fire incident near Putra Heights, Puchong, Selangor.
In a statement late Tuesday, the national oil firm said its publicly listed subsidiary, Petronas Gas Bhd, which owns the affected pipeline, would be working closely with government authorities and agencies to assess the full impact of the incident.
At the same time, the group is also proactively taking all necessary measures to preserve the security of the gas supply.
"To this end, the team is working hard to mitigate disruptions, implement contingency plans and restore operations as safely and efficiently as possible in coordination with relevant authorities and agencies.
"As earlier cited by Prime Minister Anwar Ibrahim during his visit to the location of the incident, we will be actively coordinating with the relevant ministries as well as state and federal agencies to ensure adequate relief efforts and assistance are extended and meaningful support is deployed during this very difficult time,” it said.
Petronas stressed that its utmost priorities as it recovered from this tragic incident were ensuring the safety of people, fulfilling its commitment to assisting those impacted, and preserving the security of the gas supply while investigating the cause of the incident.
It also confirmed that the three petrol stations near the vicinity of the incident, PS Putra Heights, PS KM2 LDP, and PS Putra Bestari, have resumed operations following clearance from the relevant authorities.
"While these stations were not directly affected, they were temporarily closed earlier as a precautionary measure in line with our safety protocols and were reopened after thorough safety assessments were completed.
"Petronas reaffirms its continuing commitment to safety in all its operations and will continue to provide updates from time to time as more information becomes available.
"At this juncture, we would appeal for the cooperation and patience of all impacted parties as we work as quickly as possible to address this situation,” it added. - Bernama
$PETGAS / 6033 (PETRONAS GAS BERHAD)
Petronas berencana melakukan pemangkasan ribuan pekerja sebagai bagian dari perampingan organisasi untuk memastikan kelangsungan hidup jangka panjang perusahaan. CEO Petronas, Tengku Muhammad Taufik Tengku Aziz, mengungkapkan bahwa langkah ini diambil untuk memastikan bahwa perusahaan tetap dapat bertahan dalam beberapa dekade mendatang. Meskipun kondisi perusahaan saat ini masih baik, jumlah pegawai administrasi yang terlalu besar menjadi perhatian. Saat ini, Petronas mempekerjakan sekitar 50.000 orang, dengan 15.000 di antaranya bekerja di bagian administrasi, yang lebih tinggi dari rata-rata industri.
Perampingan ini dianggap penting karena sektor minyak dan gas global semakin menghadapi tantangan, dan kondisi baik yang dirasakan saat ini diperkirakan tidak akan bertahan lama. Petronas perlu mempersiapkan diri untuk masa-masa sulit yang mungkin datang di masa depan. Perampingan ini dianggap sebagai langkah strategis untuk menjaga efisiensi dan memastikan perusahaan tetap dapat bersaing dalam industri yang penuh ketidakpastian.
Taufik menegaskan bahwa jika langkah perampingan ini tidak diambil sekarang, Petronas bisa menghadapi risiko kebangkrutan dalam waktu sepuluh tahun mendatang. Oleh karena itu, perampingan ini dianggap sebagai langkah yang sangat diperlukan untuk memastikan kelangsungan hidup perusahaan di masa depan.
Sumber: IDX Channel
$PETDAG / 5681 (PETRONAS DAGANGAN BHD) $PETGAS / 6033 (PETRONAS GAS BERHAD)
$PETGAS / 6033 (PETRONAS GAS BERHAD)
Research Report by TA
$PETGAS / 6033 (PETRONAS GAS BERHAD)
Research Report by KENANGA
$PETGAS / 6033 (PETRONAS GAS BERHAD)
Research Report by HLIB
$PETGAS / 6033 (PETRONAS GAS BERHAD)
Research Report by CGSI
$PETGAS / 6033 (PETRONAS GAS BERHAD)
Research Report by MAYBANK
KUALA LUMPUR: Steel Hawk Bhd's wholly-owned subsidiary, Steel Hawk Engineering Sdn Bhd, has been awarded a term contract by Petronas Gas Bhd for operational “pigging” supply and services.
© New Straits Times Press (M) Bhd
KUALA LUMPUR: Steel Hawk Bhd’s wholly-owned subsidiary, Steel Hawk Engineering Sdn Bhd, has secured a contract from PETRONAS Gas Bhd for the term contract related to operational pigging supply and services.
$PETGAS / 6033 (PETRONAS GAS BERHAD)
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
$PETGAS / 6033 (PETRONAS GAS BERHAD)
Research by TA
Buy - TP RM21.20
"Earnings In-Line"
Maintain Buy with a higher sum-of-parts derived target price of RM21.20/share as we now attach a 3% ESG premium in line with our 4- star rating for PETGAS.
Analyst:
Kaladher Govindan
kaladher@ta.com.my
$PETGAS / 6033 (PETRONAS GAS BERHAD)
Research by RHB
Neutral - TP RM17.47
"Steady The Ship"
KeepNEUTRALandMYR17.47TP,4%downside.PetronasGasdelivereda flattish set of results in 1H24 without any surprises. We expect the group to continue investing in both regulated and non-regulated projects, but near- term earnings could be still pressured by elevated maintenance costs. PTG still offers decent FY24F-26F dividend yields of c.4.4-4.5%, backed by a strong balance sheet (net cash of MYR26m as of 2Q24).
Analyst:
Sean Lim, CFA
sean.lim@rhbgroup.com
$PETGAS / 6033 (PETRONAS GAS BERHAD)
Research by MIDF
Buy - TP RM19.23
"Earnings Supported by Lower Opex, Higher Sales Volume"
• 1HFY24 earnings up +2%yoy due to lower opex, lower exposure to forex; but came in below expectations
• 1HFY24 revenue down -1%yoy due to lower product prices amid higher sales volume
• Stable earnings in coming quarters on better cost management and stagnant MRP in 2HCY24
• Maintain BUY with revised TP: RM19.23
Analyst:
MIDF Research
research@midf.com.my
$PETGAS / 6033 (PETRONAS GAS BERHAD)
Research by Maybank
Hold - TP RM18.00
"Largely stable"
PTG’s 2Q24 core net profit was in line with our/consensus forecasts, with earnings remaining largely stable sequentially. We expect maintenance cost to potentially trend up in 2H24. With the new GPA now in effect, there are no more material regulatory events pending in the near term. Maintain HOLD with an unchanged MYR18.00 DCF-based TP. We marginally prefer Gas Malaysia (GMB MK, HOLD, CP: MYR3.63, TP: MYR3.60) among the gas utilities.
Analyst:
Tan Chi Wei, CFA
chiwei.t@maybank-ib.com
$PETGAS / 6033 (PETRONAS GAS BERHAD)
Research by Kenanga
Market Perform - TP RM17.87
"2QFY24 Remains Resilient"
PETGAS’s 1HFY24 results met expectations. Its 1HFY24 core net profit rose slightly by 1% YoY on lower gas cost. While its earnings growth may seem pedestrian, its regulated assets offer resilient earnings which support a decent dividend yield of c.4%, though we opine that it is currently fairly priced. Hence, we keep our forecasts, TP of RM17.87 and MARKET PERFORM call
Analyst:
Teh Kian Yeong
tehky@kenanga.com.my
$PETGAS / 6033 (PETRONAS GAS BERHAD)
Research by HLIB
Hold - TP RM18.00
"Sustained showing"
PGB’s 2QFY24 core PATMI of RM470.9m (+5.1% QoQ; -9.8% YoY) and 1HFY24 of RM919.1m (-2.6% YoY) was within HLIB’s expectation (47.2%) and consensus (47.9%). Declared a second interim dividend of 16 sen/share (ex-date: 4 Sep 2024). We expect PGB’s earnings to remain stable in FY24-26, as it is largely protected by the new GPA (for Gas Processing Segment) and RAB structures (for Gas Transportation and Regasification segments). Maintain HOLD with an unchanged SOP-derived TP of RM18.00. Dividend yields have become less attractive at 4.0% based on its current price.
Analyst:
Daniel Wong
kkwong@hlib.hongleong.com.my
Inspired by @boncos and @terence775 thread of companies that pay dividends as a means to reward shareholders, I’ve just roughly screened through and compiled a list of companies that …
i) have a formal dividend policy (according to their latest annual reports)
ii) proven to have track record profits / retained earnings (rough screening profitability for at least the recent 5 years)
iii) and whose business would (hopefully) be relevant during a recession or financial turmoil (no guarantees)
I would exclude REITs from the list since it is compulsory for them to payout at least 90% of their earnings anyway. Also, there’s no ranking for list and is entirely random:
$HAPSENG / 3034 (HAP SENG CONSOLIDATED BERHAD) (MC: RM10.3bil) - Not less than 50% dividend payout rate
$PETGAS / 6033 (PETRONAS GAS BERHAD) (MC: RM35.3bil) - Dividend policy of approx. 50% of PAT
$KLSE-CDB (MC: RM42.8bil) - Minimum 80% dividend payout ratio
$TENAGA / 5347 (TENAGA NASIONAL BHD) (MC: RM81.1bil) - Dividend policy of 30% - 60% payout ratio of PATAMI
$MAYBANK / 1155 (MALAYAN BANKING BERHAD) (MC: RM122.1bil) - Dividend policy of 40% and 60% of net profit
MC: Approximate Market Cap
**Note: the dividend payout is subjected to cash flow, valuation gain/loss of properties, etc. (for details please read their respective annual reports)
boncos thread: https://cutt.ly/tecnuqF4
terence775 thread: https://cutt.ly/pecnuqVo
Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - KUMPULAN WANG PERSARAAN (DIPERBADANKAN) ("KWAP")
Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - EMPLOYEES PROVIDENT FUND BOARD
Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - KUMPULAN WANG PERSARAAN (DIPERBADANKAN) ("KWAP")
Thursday Trivia: $PETGAS / 6033 (PETRONAS GAS BERHAD) / 6033 (PETRONAS GAS BERHAD) - Fueling Champions!
Established in 1974, Petronas is the national oil and gas company of Malaysia, operating globally in over 50 countries. The collaboration between Petronas and Mercedes-AMG, which began in 2010, combines Petronas' fluid technology expertise with Mercedes' engineering prowess. This synergy has led to remarkable achievements in motorsport-- clinching an unprecedented eight consecutive Constructors' Championships from 2014-2021!
Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - EMPLOYEES PROVIDENT FUND BOARD
Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - EMPLOYEES PROVIDENT FUND BOARD
Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - EMPLOYEES PROVIDENT FUND BOARD
Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - EMPLOYEES PROVIDENT FUND BOARD
Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - EMPLOYEES PROVIDENT FUND BOARD
Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - EMPLOYEES PROVIDENT FUND BOARD
Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - EMPLOYEES PROVIDENT FUND BOARD
Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - EMPLOYEES PROVIDENT FUND BOARD
Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - EMPLOYEES PROVIDENT FUND BOARD