Cukai Makmur’s implementation in FY22 would bring forward PTG’s earnings step-down by a year. Consequently, the incremental impact in FY23 from the likely transportation tariff decline is now less material. Maintain HOLD with an unchanged MYR17.20 TP. On a relative basis, we marginally prefer GMB (GMB MK, HOLD, TP: MYR2.67, TP: MYR2.80) among the gas utilities.