(Kuala Lumpur, 8th) Maybank Investment Bank forecasts that with the increasing likelihood of Petroliam Nasional Berhad (Petronas) potentially cutting capital expenditures by 2025, Malaysia's oil & gas industry may face the risk of rating downgrades.
The investment bank stated that the potential cuts in capital expenditures may delay Petroleum Exploration and Production (E&P) projects, consequently leading to a slowdown in Oil & Gas Services and Equipment (OGSE) companies growth.
Therefore, Maybank Investment Bank favors defensive stocks more, especially midstream businesses and Floating Production Storage and Offloading (FPSO) related companies, while advising investors to avoid the petrochemical sector in 2025.
In addition, the investment bank has also lowered the target price-to-earnings ratio of all oil and gas stocks it covers, from the current 12 times to 10 times, which will result in a decrease in target prices for each stock.
In a report on Tuesday, Maybank Investment Bank stated that potential capital expenditure cuts by Petroliam Nasional Berhad (Petronas) may delay upstream exploration and production projects, leading to a slowdown in the growth of OGSE companies.
300 billion capital expenditure may fall short of the target.
This phenomenon is related to the transfer of control over Sarawak's natural gas resources from Petroliam Nasional Berhad to Sarawak's Petroleum Company (Petros), impacting the national oil company's revenue sources and free cash flow.
"Although we cannot quantify the impact, we believe that Petroliam Nasional Berhad (Petronas) may postpone capital expenditures as some of its trade revenue may have been lost."
The report points out that the past revenue of local Oil, Gas and Support Services (OGSE) companies has been highly correlated with Petronas' capital expenditure.
"For example, in the 20...

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