PETRONAS revealed a mixed performance (plan vs. actual) in 2021. Its latest PAO edition reflects a cautious, optimistic outlook for 2022 but an improving positivity in 2023-24, based on the level of activities planned. In this latest edition, its energy transition outlook is gaining traction, with greater emphasis on hydrogen. We remain POSITIVE on the sector. Velesto, Icon, Wah Seong, MMHE & Dialog are beneficiaries of the PAO play. Yinson remains our key pick for the global FPSO play.