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MY : Petronas Gas - Steady 1Q performance

Petronas Gas’s (PGB’s) 1Q21 core net profit was in line, up 6% yoy due to better gross margin arising from lower operating costs. A first interim DPS of 16 sen (vs. 1Q20 DPS at 16 sen) was declared in 1Q21, as expected. Reiterate Add.


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