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PTG’s 3Q21 core net profit was ahead of our/consensus forecasts as opex trended lower. Current risk-reward remains largely balanced in our view, with management exploring a number of growth opportunities to offset the likely step-down of transport tariffs. Maintain HOLD with an unchanged MYR17.20 TP. On a relative basis, we marginally prefer GMB (GMB MK, HOLD, TP: MYR2.68, TP: MYR2.80) among the gas utilities.

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