In today’s briefing:
- Gas Malaysia Bhd – Margin To Stay Elevated
Gas Malaysia Bhd – Margin To Stay Elevated
- We raised our DCF-driven target price to RM3.40 from RM3.10 on the back of 15%-23% upgrade in FY22-FY23 net profit forecasts on higher total margin spread assumption of RM2.60/mmbtu from RM2.50/mmbtu-RM2.40/mmbtu.
- We believe our previous assumptions were conservative as the strong 1QFY22 margin is to set a new base for the next three years. OUTPERFORM maintained
- Gas Malaysia Distribution Sdn Bhd (GMD) continued to register volume growth as all shippers have to pay for the usage of GMD’s distribution pipeline
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