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.
馬來西亞燃氣公司在2024財年的九個月強勁業績後，分析師們給出了混合的投資建議。MIDF阿馬納投資銀行（MIDF研究）維持了買入評級，並將其目標價從RM3.96上調至RM4.09，認爲公司的盈利能力和行業需求表現出韌性。相反，馬來亞銀行投資銀行（馬來亞銀行IB）維持了持有評級，儘管將其目標價從RM3.60上調至RM3.80，指出由於天然氣價格下跌可能面臨阻力，但強調了該公用事業吸引的股息收益率。
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.
馬來西亞燃氣公司報告2024財年九個月的凈利潤爲RM32900萬，同比增長18%，儘管由於天然氣平均銷售價格（ASP）下跌，營業收入減少了4.6%，降至RM60億。更高的天然氣成交量、增加的過路費和合資企業貢獻抵消了收入下滑，反映出強勁的運營表現。值得注意的是，2024年第三季度的凈利潤上升至RM11600萬，同比增長35%，歸因於更高的天然氣銷售量和提升的利潤差。
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研究強調了馬來西亞燃氣公司的運營韌性，得益於馬來西亞經濟復甦和持續的天然氣需求增長。然而，該研究機構將2025年至2026財年的盈利預期分別下調了17%和20%，以符合對布倫特原油價格下滑的預期，預計2025年爲每桶75美元至78美元。這次修訂考慮了全球油市可能的波動，這可能會影響到馬來西亞燃氣公司的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.
馬來亞銀行IB強調了馬來西亞燃氣公司在2024年第三季度銷量增長的顯著表現，預計環比增長10%。然而，由於馬來西亞天然氣參考價格的下滑趨勢，預計2025財年的盈利將下降。馬來亞銀行IB指出，馬來西亞燃氣公司超過6%的股息收益率仍然是吸引投資者的關鍵因素，能夠爲潛在的下行風險提供緩衝。
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.
兩家研究機構都認可馬來西亞燃氣公司在天然氣公用事業板塊中的強勁基本面和戰略定位。MIDF研究引用了運營效率和行業趨勢作爲未來增長的動力，而馬來亞銀行IB則關注與波動的天然氣利潤差和ASP相關的短期挑戰。
