External broker reports(aggregated public sources), Kenanga Investment Bank Bhd

Kenanga Investment Bank Bhd

External broker reports(aggregated public sources)

Established for more than 45 years, Kenanga Investment Bank Berhad is a financial group in Malaysia with extensive experience in equity broking, investment banking, treasury, Islamic banking, listed derivatives, investment management, wealth management, structured lending and trade financing. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

Petron Malaysia Refining & Marketing / Equity Bottom-Up

Petron Malaysia Refining & Marketing (PETRONM MK)

<ul><li>PETRONM’s FY23 results disappointed on poor crack spreads, partially offset by a higher sales volume.</li><li>We expect crack spreads to remain unfavourable over the immediate term, due to excess refining capacity coupled with weak demand for refined products amidst a soft global economy.</li><li>We maintain our forecasts, TP of RM4.74 and MARKET PERFORM call.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

PETRONM’s FY23 results disappointed on poor crack spreads, partially offset by a higher sales volume.We expect crack spreads to remain unfavourable over the immediate term, due to excess refining capacity coupled with weak demand for refined products amidst a soft global economy.We maintain our forecasts, TP of RM4.74 and MARKET PERFORM call.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Petron Malaysia Refining - Unfavourable Crack Spreads

<ul><li>PETRONM’s 9MFY23 results beat our expectation on improved crack spreads in 3QFY23.</li><li>Nonetheless, its 9MFY23 core net profit still eased 28% YoY as narrower crack spreads more than offset an improved sales volume.</li><li>We raise our FY23-24F earnings forecasts by 6% and 2%, respectively, lift our TP by 2% to RM4.74 (from RM4.65) but maintain our MARKET PERFORM call as we are cautious on the outlook for refining spreads.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

PETRONM’s 9MFY23 results beat our expectation on improved crack spreads in 3QFY23.Nonetheless, its 9MFY23 core net profit still eased 28% YoY as narrower crack spreads more than offset an improved sales volume.We raise our FY23-24F earnings forecasts by 6% and 2%, respectively, lift our TP by 2% to RM4.74 (from RM4.65) but maintain our MARKET PERFORM call as we are cautious on the outlook for refining spreads.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Petron Malaysia Refining - Cautious Outlook for Crack Spreads

<ul><li>PETRONM’s 1HFY23 results met our expectations. Its 1HFY23 net profit plunged 49% YoY as a higher sales volume was more than offset by a contraction in crack spreads.</li><li>Its prospects are unexciting with tepid volume growth and subdued outlook for regional crack spreads.</li><li>We maintain our forecasts, TP of RM4.65 and MARKET PERFORM call. Within expectation. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

PETRONM’s 1HFY23 results met our expectations. Its 1HFY23 net profit plunged 49% YoY as a higher sales volume was more than offset by a contraction in crack spreads.Its prospects are unexciting with tepid volume growth and subdued outlook for regional crack spreads.We maintain our forecasts, TP of RM4.65 and MARKET PERFORM call. Within expectation. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Results Note - Petron Malaysia Refining - 25 Aug 2023

Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

A Rockefeller Legacy. Like many countries in Asia, oil &amp; gas, which was a state-of-the-art technology when it started, wasn't started by some local wildcatter. The first folks to do oil business here down here wasn't PTT ( <a href="https://www.smartkarma.com/insights/big-brother-season-premiere-empire-of-oil" target="_blank" data-smartkarma-citation="insights:7511">Big Brother (Season Premiere): Empire of Oil</a>), but might names that didn't need an introduction like Shell-Wellcome and Standard Oil, the American oil monopolist founded by John D. Rockefeller aka richest man in the world. Since then, Shell got out of the refinery business but…

A Rockefeller Legacy. Like many countries in Asia, oil &amp; gas, which was a state-of-the-art technology when it started, wasn't started by some local wildcatter. The first folks to do oil business here down here wasn't PTT ( Big Brother (Season Premiere): Empire of Oil), but might names that didn't need an introduction like Shell-Wellcome and Standard Oil, the American oil monopolist founded by John D. Rockefeller aka richest man in the world. Since then, Shell got out of the refinery business but…

A Rockefeller Legacy - Gas Station Opertators in Thailand Are Cheap but Don't Catch a Falling Knife

Malaysia

Petron Malaysia Refining & Marketing Bhd manufactures and markets petroleum products as well as operates an oil refinery in Port Dickson. The Company also operates retail service stations

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Petron Malaysia Refining & Marketing (PETRONM MK)

Petron Malaysia Refining - Unfavourable Crack Spreads

We expect crack spreads to remain unfavourable over the immediate term, due to excess refining capacity coupled with weak demand for refined...

Kenanga Investment Bank Bhd

Petron Malaysia Refining - Cautious Outlook for Crack Spreads

We raise our FY23-24F earnings forecasts by 6% and 2%, respectively, lift our TP by 2% to RM4.74 (from RM4.65) but maintain our MARKET PERFORM call

Kenanga Investment Bank Bhd

Results Note - Petron Malaysia Refining - 25 Aug 2023

PETRONM’s 1HFY23 results met our expectations. Its 1HFY23 net profit plunged 49% YoY as a higher sales volume was more than offset by a contraction...

Kenanga Investment Bank Bhd

A Rockefeller Legacy - Gas Station Opertators in Thailand Are Cheap but Don't Catch a Falling Knife

A Rockefeller Legacy. Like many countries in Asia, oil & gas, which was a state-of-the-art technology when it started, wasn't started by some...

Athaporn Arayasantiparb, CFA

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