For QE30/6/2012, Petgas's net profit increased by 38% q-o-q or 19% y-o-y to RM459 million while its revenue declined by 3% both q-o-q & y-o-y to RM887 million. The increase in bottom-line was due mainly to the gain oi RM144 million on part disposal of a stake in Gas Malaysia through its recent IPO. Prior to the listing of Gas Malaysia, Petgas had a 20%-stake in the company. After its listing, the stake was sold down to only 14.8%. This gain was booked into the account under Other Income. If this extraordinary gain has been excluded, Petgas's net profit was declined by 5.6% to RM315 million.
Table: Petgas's last 8 quarterly results
Chart 1: Petgas's last 24 quarterly results
Valuation
Petgas (closed at RM19.92 yesterday) is now trading at a PE of 27 sen (based on last 4 qusrters' EPS of 75.13 sen). At this PE multiple, Petgas is deemed fully valued.
Technical Outlook
Petgas is still in a steady uptrend.
Chart 2: Petgas's daily chart as at August 15, 2012 (Source: Tradesignum)
Conclusion
Based on rich valuation, I think it is advisable to take some profit on Petgas.
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