In recent updates from the analyst briefing, Petronas Gas clarified that it does not operate in Sarawak and is unaffected by the ongoing negotiations between Petros and Petronas. The company is engaged in discussions with regulators about two new gas power plants in Sabah and Labuan, with planned commercial operations set for 2026 and 2028, respectively. These projects, with a combined capacity slightly above 200MW, are expected to cost approximately RM2 billion.Petronas Gas Berhad (Petronas Gas) has reported a weaker performance for 2Q24, with normalised net profit declining by 7% year-on-year despite a slight increase in revenues. The company's results were largely in line with expectations, with the first half of 2024 accounting for 53% of the full-year forecast.
Petronas Gas Berhad（Petronas Gas）报告称，尽管收入略有增加，但经调整后的净利润在二季度24年同比下降7％，表现疲弱。公司的业绩基本符合预期，2024年上半年占全年预测的53％。
Analysts have reiterated a HOLD rating on Petronas Gas, maintaining a discounted cash flow (DCF)-based target price of RM17.50. The decision reflects the softer earnings across all operating segments, which experienced increased maintenance costs during the quarter. The decline in normalised net profit was driven by a 5% drop in earnings across most business segments, with the Utilities segment suffering a steeper 26% decrease due to lower product prices and a 5% fall in revenues.
分析师重申对Petronas Gas的持有评级，维持基于贴现现金流（DCF）的目标价为RM17.50。该决定反映了所有经营部门的收入较弱，季度内维护成本增加。净利润下降主要是由于大部分业务部门的收入下降5％，其中公用事业部门由于产品价格降低和营收下降5％导致收入大幅减少26％。
On a quarter-on-quarter basis, the 2Q24 performance was relatively flat. Gains in the Gas Processing and Regasification segments were offset by reduced profits from the Gas Transportation and Utilities divisions. The company declared a second interim dividend of 16 sen per share, bringing the total dividends for the first half of the year to 32 sen, consistent with the previous year's figures.
按季度计，二季度24年的业绩相对平稳。燃气处理和再气化部门的增益被燃气运输和公用事业部门的利润下降所抵消。公司宣布每股第二次临时股息为16仙，使上半年的股息总额达到32仙，与去年的数字一致。
In recent updates from the analyst briefing, Petronas Gas clarified that it does not operate in Sarawak and is unaffected by the ongoing negotiations between Petros and Petronas. The company is engaged in discussions with regulators about two new gas power plants in Sabah and Labuan, with planned commercial operations set for 2026 and 2028, respectively. These projects, with a combined capacity slightly above 200MW, are expected to cost approximately RM2 billion.
在最近的分析师说明会更新中，Petronas Gas澄清称其不在沙捞越开展业务，也不受Petros和Petronas之间正在进行的谈判影响。公司正在与监管机构讨论沙巴和纳闽的两座新燃气电厂，商业运营计划分别定于2026年和2028年。这两个项目的总容量略高于200MW，预计投资约为RM20亿。
Additionally, PTG is closely monitoring oil price movements, as the Malaysian Reference Price (MRP) for gas is linked to Brent crude with a time lag. The MRP has recently decreased by 4% to RM42.4 per mmbtu for 3Q24 delivery, following consecutive increases in the previous quarters.
此外，PTG密切关注油价波动，因为燃气的马来西亚参考价格（MRP）与布伦特原油存在时间滞后关联。MRP近期下降4%，降至每mmbtu 42.4令吉，用于24年第三季度交割，这是继前几个季度连续增长后的变化。
Despite the subdued earnings growth, Petronas Gas is seen as offering attractive yields of 4-4.5%, supported by its strong free cash flows and robust net cash balance sheet.
尽管收入增长疲软，但由于其强劲的自由现金流和健康的净现金资产负债表，Petronas Gas被视为提供4-4.5％的有吸引力收益。
Source: CGS
Title: A softer quarter
来源：中国银河
标题：一个更平稳的季度