PetDag To Benefit From Supportive Operating Environment Amid Potential External Risks
PetDag To Benefit From Supportive Operating Environment Amid Potential External Risks
In the commercial segment, despite a slight decline in revenue due to lower sales volume, earnings surged by 28.9% YoY, largely driven by favourable MOPS prices and increased demand for Jet A1 and Diesel. The convenience segment, however, saw a 28.5% YoY decline in operational profit despite higher demand for Kedai Mesra and Café Mesra merchandise, primarily due to higher opex.
MIDF Amanah Investment Bank Bhd (MIDF Research) has maintained its BUY call on Petronas Dagangan Bhd (PetDag), with an unchanged share target price of RM24.63, offering a potential upside of 41.4%. The recommendation follows the company's solid nine-month financial year of 2024 (9M24) results, which were in line with expectations.
MIDF Amanah Investment Bank Bhd（MIDF研究）维持对Petronas Dagangan Bhd（PetDag）的买入建议，并将其目标价保持在RM24.63，提供41.4%的潜在上涨空间。该建议是基于公司2024财年的稳固九个月（9M24）财务成果，与预期一致。
PetDag's revenue grew by 5% year-on-year (YoY) to RM28.9 billion, while its earnings increased by 10% YoY, reaching RM837.6 million. This growth was driven by a 4% increase in sales volume and a 1% rise in average selling prices, although higher operating expenses (opex) dampened the overall performance.
PetDag的营业收入同比增长5%至RM289亿，而其盈利同比增长10%，达到RM83760万。这一增长是由于销售量增长4%和平均销售价格上涨1%，尽管较高的营业费用（opex）抑制了整体表现。
Retail and commercial segments benefitted from favourable trends in the Malaysia Oil Price Scheme (MOPS), with retail revenue rising by 11.7% YoY to RM15.3 billion, and operational profit increasing by 7.1% YoY.
零售和商业部门受马来西亚石油价格计划（MOPS）有利趋势影响，零售收入同比增长11.7%至RM153亿，经营利润同比增加7.1%。
In the commercial segment, despite a slight decline in revenue due to lower sales volume, earnings surged by 28.9% YoY, largely driven by favourable MOPS prices and increased demand for Jet A1 and Diesel. The convenience segment, however, saw a 28.5% YoY decline in operational profit despite higher demand for Kedai Mesra and Café Mesra merchandise, primarily due to higher opex.
尽管商业部门由于销售量下降而出现少许收入下滑，但由于有利的MOPS价格和喷气A1和柴油需求增加，盈利同比激增28.9%，商业部门实际利润同比增加28.9%。然而，便利部门在Kedai Mesra和Cafe Mesra商品需求增加的情况下，经营利润同比下降28.5%，主要是由于较高的营业费用。
MIDF Research anticipates that domestic demand for petroleum products will remain robust, especially with Brent crude oil prices averaging US$80 per barrel, providing additional leverage for PetDag's sales volume.
MIDF研究预计，国内对石油产品的需求将保持稳健，特别是随着布伦特原油价格平均为每桶80美元，这将为PetDag的销售量提供额外杠杆作用。
Despite potential external risks such as global economic uncertainties and geopolitical tensions, MIDF Research said PetDag is expected to benefit from the supportive operating environment, particularly as the end-of-year holiday season drives higher fuel consumption.
尽管全球经济不确定性和地缘政治紧张局势等外部风险存在，MIDF研究表示，PetDag预计将受益于支持性的营运环境，尤其是岁末节日期间驱动燃油消耗增加。
MIDF Research has kept its earnings forecast unchanged for PetDag, highlighting PetDag's consistent dividend payouts, stable profit margins and strong brand leverage as key reasons for their continued positive outlook.
MIDF研究保持了对PetDag的盈利预测不变，强调PetDag稳定的股息支付、稳定的利润率和强大的品牌杠杆作为他们继续积极展望的关键原因。
译文内容由第三方软件翻译。
