Petron Malaysia Refining & Marketing Bhd

$PETRONM / 3042 (PETRON MALAYSIA REFINING & MARKETING BHD)
Research by PBIV

$PETRONM / 3042 (PETRON MALAYSIA REFINING & MARKETING BHD)
Research by KENANGA

KUALA LUMPUR: Shares of refiners Hengyuan Refining Company Bhd and Petron Malaysia Refining & Marketing Bhd climbed on Friday, driven by increased buying interest due to rising crude oil prices amid escalating tensions in the Middle East.

$PETRONM / 3042 (PETRON MALAYSIA REFINING & MARKETING BHD)
Research by Kenanga
Market Perform - TP RM4.15

"Crack Spreads Under Stress"

PETRONM’s 1HFY24 disappointed on poor crack spread despite higher sales volume and ASP. Moving forward, we expect its refining margins to remain capped due to long-term structural decline in demand due to the adoption of EVs and excess refining capacity that is expected to persist in the near to medium term. We cut our FY24-25F earnings forecasts by 34% and 3%, respectively, TP by 12% to RM4.15 (from RM4.74) but maintain MARKET PERFORM call.

Analyst:
Nigel Ng
nigel@kenanga.com.my

General Meetings: Outcome of Meeting

Change in Nomination Committee - MISS CHUA SEE HUA

Change in Boardroom - MISS CHUA SEE HUA

Change in Audit Committee - MISS CHUA SEE HUA

$PETRONM / 3042 (PETRON MALAYSIA REFINING & MARKETING BHD)
Research by Kenanga
Market Perform – TP RM4.74

“Poor Crack Spreads Weigh"

PETRONM’s 1QFY24 results met our forecast. Its 1QFY24 core net profit contracted 36% YoY due to poor crack spreads. Moving forward, we expect its refining margins to remain capped due to excess refining capacity and long-term structural decline in demand due to the adoption of EVs. We maintain our forecasts, TP of RM4.74 and MARKET PERFORM call.

Analyst:
Nigel Ng
nigel@kenanga.com.my

Quarterly rpt on consolidated results for the financial period ended 31/03/2024

Change in Nomination Committee - DATO NOORIZAH BINTI HJ ABD HAMID

Annual Report & CG Report - 2023 (Amended Announcement)

CIRCULAR TO SHAREHOLDERS IN RELATION TO PROPOSED RENEWAL OF EXISTING SHAREHOLDERS' MANDATE FOR RECURRENT RELATED PARTY TRANSACTIONS OF A REVENUE OR TRADING NATURE

Annual Report & CG Report - 2023

PETRONM - Notice of Book Closure

Final Dividend

OTHERSPETRON MALAYSIA REFINING & MARKETING BHD ("COMPANY") PROPOSED RENEWAL OF EXISTING SHAREHOLDERS' MANDATE FOR RECURRENT RELATED PARTY TRANSACTIONS OF A REVENUE OR TRADING NATURE ("PROPOSED MANDATE")

$PETRONM / 3042 (PETRON MALAYSIA REFINING & MARKETING BHD)
Research by Kenanga
Market Perform - TP of RM4.74

"Unfavourable Crack Spreads"

PETRONM’s FY23 results disappointed on poor crack spreads, partially offset by a higher sales volume. We expect crack spreads to remain unfavourable over the immediate term, due to excess refining capacity coupled with weak demand for refined products amidst a soft global economy. We maintain our forecasts, TP of RM4.74 and MARKET PERFORM call.

Analyst(s):
Nigel Ng
nigel@kenanga.com.my

Quarterly rpt on consolidated results for the financial period ended 31/12/2023

$PETRONM / 3042 (PETRON MALAYSIA REFINING & MARKETING BHD)
Research by Kenanga
Market Perform – Target Price RM4.74

“PETRONM’s 9MFY23 results beat our expectation on improved crack spreads in 3QFY23. Nonetheless, its 9MFY23 core net profit still eased 28% YoY as narrower crack spreads more than offset an improved sales volume. We raise our FY23-24F earnings forecasts by 6% and 2%, respectively, lift our TP by 2% to RM4.74 (from RM4.65) but maintain our MARKET PERFORM call as we are cautious on the outlook for refining spreads”

Analyst:
Nigel Ng
nigel@kenanga.com.my

Quarterly rpt on consolidated results for the financial period ended 30/09/2023

MATERIAL LITIGATIONAnnouncement pursuant to Paragraph 9.03 of the Main Market Listing Requirements -

Service of (unsealed) Writ and Statement of Claim for a Civil Suit at the Kuala Lumpur High Court
between Ng Tiak Soon and Ismail Abdur Rahman (Plaintiffs) and Petron Malaysia Refining & Marketing Bhd (Defendant)

Quarterly rpt on consolidated results for the financial period ended 30/06/2023

Change in Boardroom - MISS JACQUELINE L. ANG

Change in Nomination Committee - MR ANTONIO M. CAILAO

$PETRONM / 3042 (PETRON MALAYSIA REFINING & MARKETING BHD)

Company Face-off: Oil Refiners $HENGYUAN / 4324 (HENGYUAN REFINING COMPANY BERHAD) vs $PETRONM / 3042 (PETRON MALAYSIA REFINING & MARKETING BHD)

As tensions continue to rise in the Ukraine-Russia conflict and OPEC implements production cuts, the price of oil has been gaining attention lately. In the midst of this crude chaos, how are oil refiners faring? Will there be another year of supernormal profits for them?

Let us know in the comment section below!

Change in Boardroom - MR FERDINAND K. CONSTANTINO

Change in Nomination Committee - MR FERDINAND K. CONSTANTINO

General Meetings: Outcome of Meeting