Petronas Gas: Quick Thoughts, Maintain NEUTRAL. Target Price : RM19.25
Steel Hawk Bhd (SHB) has secured a Logistics Management Service agreement that specifically covers Package A (Northern), awarded to its subsidiary Steel Hawk Engineering (SHESB) by Petronas Gas Bhd (PGB)
SHESB will be providing logistics support services to PGB on a call-out basis to support ongoing operations as and when required, from 10 April 2026 to 9 April 2029.
“We believe this contract with SHB is a proactive move to ensure that, even if the shock from the Strait of Hormuz blockade continues, the internal distribution and maintenance of gas locally remain robust
“We make no change to our earnings estimates for PGB at this juncture, given the call-out basis of the contract. As we continue to monitor the sector movement in response to the current geopolitical landscape and crude oil price volatility, and pending its 1QFY26 earnings announcement, we maintain our NEUTRAL call for PGB with a target price of RM19.25,” writes MBSB Research.
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