(PETD MK/BUY/RM24.08/Target: RM27.20)
PetDag guided that the contraction in 1Q17 sales volumes is in tandem with industry trends. We understand that consumer sentiment remains weak, especially from customer groups highly sensitive to price movements. This can be observed as 1Q17 retail pump prices were 20-32% above 2016’s average. Nevertheless, 2Q17 demand is expected to pick up, while the group remains focused on rebranding its non-fuel avenues. Maintain BUY and DDM target price of RM27.20.
Source: UOB Kay Hian Research - 22 May 2017
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