Highlights
KLSE: PETRONM (3042)       PETRON MALAYSIA REFINING & MARKETING BHD MAIN : Energy
Last Price Today's Change   Day's Range   Trading Volume
6.53   -0.05 (0.76%)  6.51 - 6.63  52,100
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Overview

Market Cap: 1,763 Million
NOSH: 270 Million
Avg Volume (4 weeks):85,682
4 Weeks Range:6.50 - 6.91
4 Weeks Price Volatility (%):
7.32%
52 Weeks Range:6.01 - 9.00
52 Weeks Price Volatility (%):
17.39%
Average Price Target: 5.60
Price Target Upside/Downside: -0.93

Financial Highlight

Latest Quarter | Ann. Date 31-Dec-2018 [#4]  |  21-Feb-2019
Next QR | Est. Ann. Date: 31-Mar-2019  |  24-May-2019
T4Q P/E | EY: 7.85  |  12.74%
T4Q DY | Payout %: 3.06%  |  24.05%
T4Q NAPS | P/NAPS: 6.1808  |  1.06
T4Q NP Margin | ROE: 1.86%  |  13.46%

Headlines

Date Subject
29-Apr-2019 Beneficiaries, losers of rallying oil prices
05-Apr-2019 PublicInvest Research Headlines - 5 Apr 2019
21-Mar-2019 Top 4 Reasons to Re-look Petron Malaysia (3042)
24-Feb-2019 下跌股:Petron大马RM6.29支撑
22-Feb-2019 Mplus Market Pulse - 22 Feb 2019
22-Feb-2019 Petron - 4Q18 Numbers Indicate Weakness
15-Feb-2019 上升股:Petron大马阻力RM7.40
12-Feb-2019 估值低廉‧中小股招财进宝
12-Feb-2019 Stocks On Radar - Petron Malaysia Refining & Marketing (3042)
22-Jan-2019 (Icon) Why I Bought Hengyuan and Petronm Recently
08-Jan-2019 Trading Stocks - Petron Malaysia Refining & Marketing
16-Nov-2018 Petron Malaysia - Weak Margins Already Priced-In; Keep BUY
26-Sep-2018 上升股:PETRON大马阻力RM8.80
13-Sep-2018 下跌股:Petron大马RM8.22支撑
07-Sep-2018 下跌股:Petron大马RM8.22支撑
03-Sep-2018 Technical Analysis - Petron Malaysia
03-Sep-2018 Mplus Market Pulse - 3 Sept 2018
02-Sep-2018 上升股:Petron大马阻力RM8.98
30-Aug-2018 Petron not sole fuel supplier, Putrajaya clarifies after cronyism allegation
30-Aug-2018 Petron gets green light to supply fuel to government vehicles

Business Background

Petron Malaysia Refining & Marketing Bhd is a Malaysian oil company engaged in producing a wide range of petroleum products which include gasoline, diesel, liquefied petroleum gas (LPG) and aviation fuel.
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  8 people like this.
 
villa1668 Look like nobody interested this counter, so silent
22/03/2019 10:03 PM
Got Offfer From UBS Shanghai - Bye Bye soon very soon, patience
22/03/2019 10:13 PM
villa1668 Ok, trust you this round. :)
22/03/2019 10:29 PM
TakeProfits Looks like this counter koyak d...All every one and clever sifus all day becheh...dah lari away kuat kuat
24/03/2019 8:19 PM
mamatede lari Liao. stagnation period.
26/03/2019 10:44 PM
Outliar https://www.theedgemarkets.com/article/petron-gets-court-strike-out-rm109-mil-suit-konsortium-lordsaberkat
05/04/2019 12:59 AM
Got Offfer From UBS Shanghai - Bye Bye I guess striking out a lawsuit is a good news?
05/04/2019 6:59 AM
SimonLee76 I wouldn't count on it. Lawsuits are know to drag on for years..... . Even if they won the suit it would only be a one off. Doesn't affect much on the long term prospect of the company.
05/04/2019 1:33 PM
Got Offfer From UBS Shanghai - Bye Bye strike out lawsuit means settle outside court wor... how is that not good?
05/04/2019 2:42 PM
SimonLee76 I mean if they win it then it would just be a one off. Nothing much affecting the long term prospect.
05/04/2019 3:35 PM
sheldon Any idea if Petron had actually provided for the 110m legal suit or merely disclosed it?
07/04/2019 4:11 AM
Choivo Capital Its not provided, merely disclosed, as the court have striked it out before.

if it was provided, it will be stated.
08/04/2019 11:51 AM
sheldon TQ Choivo
08/04/2019 3:25 PM
9share Turbo__An Oil and Gas equipment supply company with very good FA. Last Q EPS 3.06 sen and declared 2 sen dividend. Worth to consider, buy for medium term while most of the good O&G counters already goreng Up. Only Turbo remain at low price. It is a matter of time the price will be adjusted back to RM1.20/1.50.
15/04/2019 10:35 AM
18/04/2019 11:22 AM
dnlt Looking at the crack spread in the last month, the worst should be over.
19/04/2019 11:57 AM
Parttimer agreed with dnlt...
19/04/2019 2:20 PM
Got Offfer From UBS Shanghai - Bye Bye Next QR is going to be very good! buy now before too late! Dividend declare by month end!
19/04/2019 5:57 PM
dnlt Upcoming Q1 is for Jan till Mar. Crack spread was still very weak then. Hopefully they don't lose money.
19/04/2019 7:07 PM
meistsk3134 when will hit 15 above
20/04/2019 10:32 PM
Got Offfer From UBS Shanghai - Bye Bye very soon give it 2 or 3 QRs
20/04/2019 10:45 PM
sheldon The dividend for the financial year has already been revealed at 20 sen per share.

If the share price is not performing then shareholders look forward to dividends but this co is under performing insofar as dividends are concerned.

Compared to other foreign-controlled company Petron is an odd company. Companies from Amway to Carlesberg to F&N & BAT all declare big dividends. At 135m shares, 20 sen only amount to RM27m which is a very tiny amount compared to RM1.53b in reserves.
23/04/2019 12:09 PM
SimonLee76 With no big Capex in sight, I don't think the excuse of reinvesting the profit back into the business could be viable....
23/04/2019 4:25 PM
mamatede I heard people talking about San Miguel wanting to sell out their stake in Malaysia's Petronm?
24/04/2019 11:23 AM
antoniomc27 Hi guys, I am interested to know more about PetronM business model. From my point of view, there are 3 main sources of income:
A. Crack spread
B. Profit over the oil-related products it sells at the pump
C. Retail sales of their Petron Kedai

A will see variations in margin, but not in volume unless they expand their refinery in PD. Margin will work, all else being equal in terms of operating costs, as follows: the higher the oil price, the better the margin for PetronM.

B margin will be set by the government and it is not too big.

C margin is good.

B and C volumes are roughly proportional to the number of clients they have. And unless big policy changes that shift people away of their cars, or unless brand recognition / marketing activities suddenly failed, this is roughly proportional to the number of stations PetronM has.

So far, am I right?

Some bonus questions:

1. Do they sell what they refine to other companies, or everything they refine in PD ends up being sold in their Petron stores?

2. What percentage of PBT is contributed by A, B, C above?

3. Where I live (around Sban, NSDK), Petron is expanding aggressively, having opened 6 stores in the last 18 months. I find their strategy here very smart. Right now there are not many people living in this area, but it is growing very fast: Msia Vision Valley, potential HSR being reinstated, many industrial parks, KLIA is close, potential Air Asia hub coming in Labu...

But how much does it take to start boosting profit once you have opened stores? I heard in this forum that breakeven for a station is 7 years. Anyways, about all these stores, I think they will take time to be profitable, but once population doubles around this area, they will have a competitive advantage because they are really picking top spots for their stations.

Thanks a lot if you take the time to answer me.
25/04/2019 1:16 AM
Got Offfer From UBS Shanghai - Bye Bye sheldon 3.0% Yield not bad oredi wor... don't greedy leh
25/04/2019 7:27 AM
Got Offfer From UBS Shanghai - Bye Bye Choivo boy help help, this guy got some good questions
25/04/2019 7:28 AM
mamatede petronm is cutting its dividend, means poor quarter ahead.
26/04/2019 10:46 AM
26/04/2019 10:51 AM
Choivo Capital B & C historically contribute 400mil per year, before un-allocated opex.

Refining is either 0 to 50 mil in a bad year, 150-250 in a good year.

Div. If they have good places to reinvest the earnings at high rate of return, id rather they don't pay div at all.

If they don't, id rather they pay out the div.

Break-even and profit is different kind of number. 7 year to break-even is 15% per annum. I'm fine with those numbers.

Profit per petrol station i don't have the numbers. But their actions and how they do business make sense to me.

====

Posted by antoniomc27 > Apr 25, 2019 1:16 AM | Report Abuse
26/04/2019 10:54 AM
Got Offfer From UBS Shanghai - Bye Bye So choivo boy, do you think they are using the cash efficiently? or it's better to payout?
26/04/2019 11:12 AM
mamatede So far from people inside, Petronm has slowed their expansion a lot to improve their current operations.
29/04/2019 12:36 AM
geary Oil Scenario...!!!
https://oilprice.com/Energy/Energy-General/The-Fat-Margins-Have-Disappeared-Big-Oil-Disappoints.html
29/04/2019 7:04 PM
Got Offfer From UBS Shanghai - Bye Bye crack spread looking very very good
01/05/2019 6:00 PM
Got Offfer From UBS Shanghai - Bye Bye PUNTER's rough estimate for the upcoming QR will have 45 million profit
01/05/2019 6:01 PM
Got Offfer From UBS Shanghai - Bye Bye worst case scenario 45 million profit, we come back and see 20+ days later
01/05/2019 6:02 PM
sheldon I dread to make any predictions after my last quarter 2018 disastrous way off on a tangent prediction. However from my superficial observation of the prices which inclined Jan to Mar 2019, it should be good. Unless of course the management said that they had hedged.

Share price is somewhat under-valued but buybacks may not be possible as it may breach the minimum public spread.
01/05/2019 9:56 PM
Choivo Capital If i had to make a guess on this q results. Should be better, though borrowing likely to increase from govt subsidies not yet received.
02/05/2019 7:38 PM
PH_pakatan_menipu 509 marks PH 1 year in power. Petrol RM 1.5/ltr mere a cheat to win GE14?
04/05/2019 1:46 PM
chshzhd good time to buy some
07/05/2019 10:39 AM
Carson Teor Petronm make about 95 million profit this coming QR
08/05/2019 5:20 PM
Carson Teor https://businessmirror.com.ph/2019/05/08/petron-net-income-plunges-77-to-p1-3-billion-in-january-march/
09/05/2019 9:14 AM
Airline Bobby Good earnings from msia xD
09/05/2019 9:44 AM
john0909 not all profit are under petronm only... it shares with its sister companies as well... take note...
09/05/2019 10:31 AM
Carson Teor it mention the profit from Malaysia is 1.2b peso, any other sister from Malaysia beside petronm ?
09/05/2019 11:10 AM
Carson Teor with that about 0.35 EPS consider very good
09/05/2019 11:23 AM
KL Tneoh The 1.2 billion peso included Petron Fuel International Sdn Bhd which operate around 310 Petron petrol stations.

Their net profit is around RM25-30 millions each quarter, hence PetronM estimate net earning should be around RM66-70 millions.
09/05/2019 11:47 AM
villa1668 Yes Petronm! Continue to love you
09/05/2019 11:12 PM
chshzhd so eps this q should be about 25 sen
09/05/2019 11:54 PM
Choivo Capital I think PFI is around 50m per q. Either way, im fine.

====
KL Tneoh The 1.2 billion peso included Petron Fuel International Sdn Bhd which operate around 310 Petron petrol stations.

Their net profit is around RM25-30 millions each quarter, hence PetronM estimate net earning should be around RM66-70 millions.
09/05/2019 11:47 AM
10/05/2019 10:31 AM


 

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