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3Q21 results were ahead of our/street expectations, with lower volume (MCO-induced) being offset by a revenue-cap adjustment and possibly higher-than-expected retail margin. FY21 earnings risks are now skewed to the upside, although It remains to be seen how spreads would eventually be adjusted in 4Q21. Maintain HOLD with an unchanged DCF-based MYR2.80 TP. We relatively prefer GMB among the gas utilities.

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