Analysts Expect Gas Malaysia To Have Lower Earnings In FY25 Due To Brent Downward Trent
Analysts Expect Gas Malaysia To Have Lower Earnings In FY25 Due To Brent Downward Trent
Maybank IB emphasised Gas Malaysia's commendable 3Q24 sales volume growth, estimating a 10% quarter-on-quarter increase. However, it projected a decline in FY25 earnings due to the downward trend in the Malaysia Reference Prices for gas. Maybank IB noted that Gas Malaysia's more than 6% dividend yield remains a key draw for investors, providing a cushion against potential downside risks.
Gas Malaysia Bhd has received mixed calls from analysts following its strong nine-month financial year of 2024 (9MFY24) performance. MIDF Amanah Investment Bank Bhd (MIDF Research) maintained a BUY rating with an upward revision of its share target price to RM4.09 from RM3.96, citing resilient earnings and sectoral demand. Conversely, Maybank Investment Bank Bhd (Maybank IB) maintained a HOLD call, albeit raising its target price to RM3.80 from RM3.60, noting potential headwinds from declining gas prices but highlighting the utility's attractive dividend yield.
繼2024財年（9MFY24）的強勁表現之後，馬來西亞天然氣有限公司收到了分析師的喜憂參半。MIDF Amanah投資銀行有限公司（MIDF Research）維持買入評級，以盈利和行業需求爲由將其目標股價從3.96令吉上調至4.09令吉。相反，馬來亞銀行投資銀行有限公司（Maybank IB）維持了持倉看漲期權，儘管將目標價格從3.60令吉上調至3.80令吉，指出了天然氣價格下跌帶來的潛在不利因素，但凸顯了該公用事業公司誘人的股息收益率。
Gas Malaysia reported 9MFY24 net profit of RM329 million, an 18% year-on-year (YoY) increase, despite a 4.6% decline in revenue to RM6 billion due to lower average natural gas selling prices (ASP). Higher gas volumes, increased tolling fees and joint venture contributions offset the revenue decline, reflecting strong operational performance. Notably, 3Q24 net profit rose to RM116 million, a 35% YoY increase, attributed to higher gas sales volume and elevated spreads.
馬來西亞天然氣公司報告稱，9MFY24 淨利潤爲32900萬令吉，同比增長18％，儘管由於平均天然氣銷售價格（ASP）下降，收入下降了4.6％，至60令吉。天然氣產量的增加、通行費的增加和合資企業繳款的增加抵消了收入的下降，反映了強勁的運營業績。值得注意的是，第二季度淨利潤增至11600萬令吉，同比增長35％，這要歸因於天然氣銷售量的增加和利差的增加。
MIDF Research highlighted Gas Malaysia's operational resilience, supported by Malaysia's economic recovery and continued gas demand growth. However, the research house revised its FY25–FY26 earnings estimates downward by 17% and 20%, respectively, to align with expectations of lower Brent crude prices, projected at US$75–US$78 per barrel in 2025. The revision incorporates potential volatility in global oil markets, which may impact Gas Malaysia's ASP.
MIDF Research強調了馬來西亞天然氣公司的運營彈性，這得益於馬來西亞的經濟復甦和天然氣需求持續增長。但是，該研究機構將其25財年至26財年的收益預期分別下調了17％和20％，以符合對布倫特原油價格下跌的預期，預計2025年布倫特原油價格將降至每桶75至78美元。該修訂納入了全球石油市場的潛在波動，這可能會影響馬來西亞天然氣公司的ASP。
Maybank IB emphasised Gas Malaysia's commendable 3Q24 sales volume growth, estimating a 10% quarter-on-quarter increase. However, it projected a decline in FY25 earnings due to the downward trend in the Malaysia Reference Prices for gas. Maybank IB noted that Gas Malaysia's more than 6% dividend yield remains a key draw for investors, providing a cushion against potential downside risks.
Maybank Ib強調了馬來西亞天然氣公司在24年第三季度值得稱道的銷售量增長，估計同比增長10％。但是，由於馬來西亞天然氣參考價格的下降趨勢，該公司預計25財年的收益將下降。Maybank Ib指出，馬來西亞天然氣公司超過6％的股息收益率仍然是投資者的主要吸引力，爲潛在的下行風險提供了緩衝。
Both research houses acknowledged Gas Malaysia's strong fundamentals and strategic positioning in the gas utilities sector. MIDF Research cited operational efficiency and sectoral trends as drivers for future growth, while Maybank IB focused on short-term challenges tied to fluctuating gas spreads and ASP.
兩家研究機構都承認馬來西亞天然氣公司在燃氣公用事業領域的強勁基本面和戰略定位。MIDF Research指出，運營效率和行業趨勢是未來增長的驅動力，而Maybank Ib則專注於與汽油利差和ASP波動相關的短期挑戰。
譯文內容由第三人軟體翻譯。
