Petronas Dagangan Berhad (PETD), a prominent player in the Consumer Products & Services, Retailers sector, has maintained a BUY recommendation by MIDF Investment Bank (MIDF).
PETD recently signed a Memorandum of Understanding (MoU) with PLUS Malaysia (PLUS) to develop Malaysia's inaugural hybrid super stations along the PLUS highway services.
These stations are set to redefine the standards for highway pitstops in Malaysia, particularly for Electric Vehicle (EV) users.
MIDF maintains its BUY call on PETD with a target price of RM24.91. The firm believes that PETD's strategic initiatives, including the development of hybrid superstations, will bolster its market position and drive future growth. Investors are encouraged to consider PDB as it continues to innovate within the evolving landscape of sustainable mobility solutions.
MIDF cited, in a note today, the upcoming hybrid superstations will not only offer traditional mobility services but also incorporate energy-efficient designs, green spaces, and renewable energy sources, marking a significant leap towards sustainable practices in the fueling industry.
The agreement underscores PETD's commitment to advancing the nation's Low Carbon Mobility Development Blueprint, aimed at reducing carbon emissions by promoting EV adoption.
With Malaysia already having 16,763 EVs on the road and 2,288 EV charging bays nationwide, the project is expected to accelerate the installation of charging infrastructure in alignment with the government's target of 10,000 stations by CY25.
Despite the focus on sustainable practices and EV charging infrastructure, conventional fuel services such as petrol, diesel, and natural gas will remain integral to PETD's hybrid superstations. This dual approach supports a smooth energy transition while meeting current market demands.
This news highlights PETD's proactive steps towards sustainability and innovation, positioning itself as a key player in Malaysia's journey towards a greener future. For investors seeking exposure to companies leading the charge in sustainable development, PETD remains a compelling choice with promising growth prospects in the evolving EV infrastructure sector.