Financials PETRONAS Dagangan

Equities

End-of-day quote BURSA MALAYSIA Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
21.84 ^MYR	0.00%		+0.83%	0.00%

Mar. 20	CERAWEEK-Suriname presses Exxon, TotalEnergies to combine gas developments	RE
Mar. 19	CERAWEEK-Argentina on right path to solve fiscal deficit, boost energy output - Tecpetrol	RE

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	22,949	21,260	20,465	22,849	21,697	21,697	-	-
Enterprise Value (EV) ¹	19,806	18,746	18,671	20,145	20,342	19,811	19,857	20,262
P/E ratio	27.7 x	77 x	38.6 x	29.4 x	23 x	21.4 x	20.4 x	20.2 x
Yield	3.03%	1.78%	3.4%	2.7%	3.66%	4.2%	4.44%	5.03%
Capitalization / Revenue	0.76 x	1.14 x	0.91 x	0.62 x	0.58 x	0.57 x	0.56 x	0.53 x
EV / Revenue	0.65 x	1 x	0.83 x	0.55 x	0.54 x	0.52 x	0.52 x	0.5 x
EV / EBITDA	12.2 x	20.8 x	16 x	12.7 x	11.2 x	10.8 x	10.6 x	10.9 x
EV / FCF	10.2 x	-233 x	-105 x	12.9 x	-36.7 x	9.42 x	16.8 x	14.6 x
FCF Yield	9.84%	-0.43%	-0.95%	7.74%	-2.72%	10.6%	5.95%	6.84%
Price to Book	3.84 x	3.77 x	3.67 x	3.98 x	3.76 x	3.63 x	3.56 x	3.51 x
Nbr of stocks (in thousands)	993,454	993,454	993,454	993,454	993,454	993,454	-	-
Reference price ²	23.10	21.40	20.60	23.00	21.84	21.84	21.84	21.84
Announcement Date	2/25/20	2/19/21	2/22/22	2/22/23	2/26/24	-	-	-

¹MYR in Million²MYR

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	30,294	18,711	22,505	36,749	37,549	37,831	38,528	40,808
EBITDA ¹	1,618	900.4	1,163	1,588	1,814	1,826	1,870	1,857
EBIT ¹	1,147	402.5	751.2	1,149	1,351	1,409	1,476	1,510
Operating Margin	3.79%	2.15%	3.34%	3.13%	3.6%	3.73%	3.83%	3.7%
Earnings before Tax (EBT) ¹	1,129	386.4	740.8	1,135	1,332	1,373	1,433	1,430
Net income ¹	829.5	276	529.8	776.6	943.1	1,013	1,059	1,057
Net margin	2.74%	1.47%	2.35%	2.11%	2.51%	2.68%	2.75%	2.59%
EPS ²	0.8350	0.2780	0.5330	0.7820	0.9490	1.021	1.069	1.082
Free Cash Flow ¹	1,948	-80.4	-177.2	1,560	-554.1	2,102	1,181	1,386
FCF margin	6.43%	-0.43%	-0.79%	4.25%	-1.48%	5.56%	3.07%	3.4%
FCF Conversion (EBITDA)	120.4%	-	-	98.25%	-	115.11%	63.17%	74.64%
FCF Conversion (Net income)	234.88%	-	-	200.88%	-	207.55%	111.56%	131.13%
Dividend per Share ²	0.7000	0.3800	0.7000	0.6200	0.8000	0.9169	0.9707	1.098
Announcement Date	2/25/20	2/19/21	2/22/22	2/22/23	2/26/24	-	-	-

¹MYR in Million²MYR

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	3,142	2,514	1,795	2,705	1,355	1,886	1,840	1,435
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	1,948	-80.4	-177	1,560	-554	2,102	1,181	1,386
ROE (net income / shareholders' equity)	14%	4.75%	9.44%	13.7%	16.4%	17.2%	17.4%	17%
ROA (Net income/ Total Assets)	8.66%	3.01%	5.9%	7.45%	8.29%	8.2%	8.35%	8.18%
Assets ¹	9,583	9,178	8,980	10,429	11,372	12,360	12,689	12,933
Book Value Per Share ²	6.020	5.680	5.620	5.780	5.810	6.020	6.130	6.220
Cash Flow per Share ²	2.420	0.3700	0.2000	2.010	1.420	1.540	1.560	1.540
Capex ¹	460	443	374	435	467	433	410	440
Capex / Sales	1.52%	2.37%	1.66%	1.18%	1.24%	1.15%	1.06%	1.08%
Announcement Date	2/25/20	2/19/21	2/22/22	2/22/23	2/26/24	-	-	-

¹MYR in Million²MYR

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

B+

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

21.84 MYR

Average target price

22.22 MYR

Spread / Average Target

+1.72%

	1st Jan change	Capi.
PETRONAS DAGANGAN	0.00%	4.55B
PTT OIL AND RETAIL BUSINESS	-5.24%	5.86B
QATAR FUEL COMPANY Q.P.S.C. ("WOQOD")	-13.69%	3.91B
RUBIS	+44.27%	3.57B
VIVA ENERGY GROUP LIMITED	-1.43%	3.56B
AMERIGAS PARTNERS, L.P.	+23.40%	3.23B
PT AKR CORPORINDO TBK	+8.47%	1.95B
GLOBAL PARTNERS LP	+11.60%	1.6B
WORLD KINECT CORPORATION	+1.01%	1.38B
ITOCHU ENEX CO.,LTD.	+0.07%	1.1B