PETRONAS’s improved YoY financials is not a surprise; in line with its global peers’ performance. Its risk-reward outlook is improving, which augers well for the O&G service providers and the Government. Capital discipline will remain key, cognizant of the market’s volatility and rising costs. Its upcoming Activity Outlook 2022-24 will be scrutinized, for it will offer insights into its domestic plans. BUYs on Yinson, Dialog, Velesto, WSC, MMHE, BArmada, and Icon.