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Results Note – PGas (REDUCE, maintain) - Maiden contribution from Melaka regas plant




Affin Hwang Investment Bank Bhd


22 Aug 2013





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Headline 2QFY13 doubled to RM945m due to RM592m RGT tax allowances The Group reported a strong 2QFY13 headline net profit of RM944.9m as a result of a RM591.6m investment tax allowance granted for its LNG Regasification Terminal in Melaka. Stripping this out, 2QFY13 core net profit was relatively flat at RM370.4m (+2.3% yoy; +1.9% qoq). This brings 1HFY13 core net profit to RM742.3m (-16.1% yoy) – accounting for 48% of Affin and street estimates. The Group also declared an interim net DPS of 15 sen (net yield of 0.7%). We hold out for a full year net DPS of 70 sen (net yield of 3.5%).

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