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Results Note – PGas (REDUCE, maintain) - Inline with expectations




Affin Hwang Investment Bank Bhd


21 Feb 2013





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FY12 results inline with Affin, 50 sen net DPS lower end of forecast range The Group expanded 4QFY12 core net profit (excluding unrealised loss on CEA revaluation/ forex) by 3.3% yoy to RM327.7m (+38.2% qoq). This brings full year FY12 core net profit to an estimated RM1,363.3m (-5.9% yoy) – inline with Affin’s expectations but 16.7% below consensus estimates. The Group declared a final 35 sen net DPS for FY12. This brings full year FY12 net DPS to 50 sen, translating to a net yield of 2.7% for FY12. As CAPEX remains high in the near term (CAPEX of RM8bn has been earmarked for two additional regasification terminals in Pengerang and Lahad Datu, and rejuvenation of gas processing plants), we expect dividend returns to take a backseat. Maintain REDUCE with an unchanged RNAV-based TP of RM16.60. We see an unfavourable riskreward profile for this stock. Trading at +2SD above its 5-year historical average EV/EBITDA of 9.2x, we believe the stock is priced to perfection.

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