Estimating The Fair Value Of PETRONAS Gas Berhad (KLSE:PETGAS)
Dec 19
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Malaysian (KLSE) Utilities Sector Analysis
UpdatedDec 29, 2025
DataAggregated Company Financials
Companies14
- 7D1.3%
- 3M-6.6%
- 1Y-9.8%
- YTD-10.8%
In the last week, the Utilities industry is up 1.3%, with Tenaga Nasional Berhad up 2.2%. In contrast, the industry has lost 9.8% in the last 12 months. As for the next few years, earnings are expected to grow by 7.2% per annum.
Sector Valuation and Performance
Has the Malaysian Utilities Sector valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Mon, 29 Dec 2025 | RM 186.7b | RM 144.4b | RM 11.9b | 13.7x | 15.6x | 1.3x |
| Wed, 26 Nov 2025 | RM 187.9b | RM 145.5b | RM 12.3b | 13.5x | 15.3x | 1.3x |
| Fri, 24 Oct 2025 | RM 193.8b | RM 145.9b | RM 12.0b | 15.6x | 16.1x | 1.3x |
| Sun, 21 Sep 2025 | RM 199.8b | RM 145.9b | RM 12.0b | 16x | 16.6x | 1.4x |
| Tue, 19 Aug 2025 | RM 202.7b | RM 148.7b | RM 12.8b | 14.7x | 15.8x | 1.4x |
| Thu, 17 Jul 2025 | RM 195.1b | RM 148.7b | RM 12.8b | 13.9x | 15.2x | 1.3x |
| Sat, 14 Jun 2025 | RM 190.0b | RM 148.7b | RM 12.8b | 12.9x | 14.8x | 1.3x |
| Mon, 12 May 2025 | RM 187.8b | RM 149.2b | RM 12.8b | 14.9x | 14.7x | 1.3x |
| Wed, 09 Apr 2025 | RM 168.4b | RM 149.2b | RM 12.8b | 13.9x | 13.2x | 1.1x |
| Fri, 07 Mar 2025 | RM 178.8b | RM 149.2b | RM 12.8b | 14.6x | 14x | 1.2x |
| Sun, 02 Feb 2025 | RM 177.8b | RM 147.5b | RM 12.1b | 12.2x | 14.6x | 1.2x |
| Tue, 31 Dec 2024 | RM 205.3b | RM 147.5b | RM 12.1b | 15.1x | 16.9x | 1.4x |
| Thu, 28 Nov 2024 | RM 185.6b | RM 146.3b | RM 11.4b | 12.5x | 16.3x | 1.3x |
| Sat, 26 Oct 2024 | RM 182.6b | RM 145.3b | RM 11.8b | 12.5x | 15.5x | 1.3x |
| Mon, 23 Sep 2024 | RM 200.5b | RM 145.3b | RM 11.8b | 14x | 17x | 1.4x |
| Wed, 21 Aug 2024 | RM 202.0b | RM 146.0b | RM 10.2b | 18.3x | 19.9x | 1.4x |
| Fri, 19 Jul 2024 | RM 217.7b | RM 146.0b | RM 10.2b | 19.1x | 21.4x | 1.5x |
| Sun, 16 Jun 2024 | RM 217.2b | RM 146.0b | RM 10.2b | 18.7x | 21.4x | 1.5x |
| Tue, 14 May 2024 | RM 201.6b | RM 147.2b | RM 10.0b | 18.7x | 20.2x | 1.4x |
| Thu, 11 Apr 2024 | RM 180.4b | RM 147.2b | RM 10.0b | 18.1x | 18.1x | 1.2x |
| Sat, 09 Mar 2024 | RM 172.9b | RM 147.2b | RM 10.0b | 17.8x | 17.3x | 1.2x |
| Mon, 05 Feb 2024 | RM 169.9b | RM 150.1b | RM 9.4b | 14.4x | 18x | 1.1x |
| Wed, 03 Jan 2024 | RM 148.8b | RM 150.1b | RM 9.4b | 11.7x | 15.8x | 1x |
| Fri, 01 Dec 2023 | RM 141.3b | RM 150.1b | RM 9.4b | 10.8x | 15x | 0.9x |
| Sun, 29 Oct 2023 | RM 136.9b | RM 152.8b | RM 8.5b | 9.7x | 16.2x | 0.9x |
| Tue, 26 Sep 2023 | RM 139.7b | RM 152.8b | RM 8.5b | 9.3x | 16.5x | 0.9x |
| Thu, 24 Aug 2023 | RM 134.1b | RM 149.4b | RM 8.5b | 10.2x | 15.8x | 0.9x |
| Sat, 22 Jul 2023 | RM 122.6b | RM 149.0b | RM 8.5b | 9.8x | 14.5x | 0.8x |
| Mon, 19 Jun 2023 | RM 120.8b | RM 149.0b | RM 8.5b | 9.8x | 14.3x | 0.8x |
| Wed, 17 May 2023 | RM 119.0b | RM 145.7b | RM 8.5b | 10.7x | 14x | 0.8x |
| Fri, 14 Apr 2023 | RM 114.3b | RM 145.7b | RM 8.5b | 10.7x | 13.5x | 0.8x |
| Sun, 12 Mar 2023 | RM 113.6b | RM 145.7b | RM 8.5b | 10.3x | 13.4x | 0.8x |
| Tue, 07 Feb 2023 | RM 115.0b | RM 141.0b | RM 8.4b | 12.2x | 13.7x | 0.8x |
| Thu, 05 Jan 2023 | RM 112.8b | RM 141.0b | RM 8.4b | 11.7x | 13.5x | 0.8x |
Price to Earnings Ratio
13.5x
Current Industry PE
- Investors are relatively neutral on the Malaysian Utilities industry at the moment, indicating that they anticipate long term growth rates to remain steady.
- The industry is trading close to its 3-year average PE ratio of 16.0x.
- The 3-year average PS ratio of 1.1x is lower than the industry's current PS ratio of 1.3x.
Past Earnings Growth
- The earnings for companies in the Utilities industry have grown 12% per year over the last three years, while revenues have remained mostly flat.
- This means that companies overall are more efficiently conducting business since profits are increasing while sales have been flat.
Industry Trends
Which industries have driven the changes within the Malaysian Utilities sector?
| MY Market | 0.48% | |
| Utilities | 1.31% | |
| Electric Utilities | 2.25% | |
| Gas Utilities | 1.75% | |
| Renewable Energy | 0.25% | |
| Other Utilities | -0.12% | |
| Water Utilities | -0.23% | |
Industry PE
- Investors are most optimistic about the Water Utilities industry even though it's trading below its 3-year average PE ratio of 25.7x.
- Analysts are expecting annual earnings growth of 19.2%, which is lower than the prior year's growth of 36.7% per year.
- Investors are most pessimistic about the Other Utilities industry, which is trading close to its 3-year average of 11.1x.
Forecasted Growth
- Analysts are most optimistic on the Renewable Energy industry, expecting annual earnings growth of 24% over the next 5 years.
- This is better than its past earnings decline of 34% per year.
- In contrast, the Gas Utilities industry is expected to see its earnings grow by 3.9% per year over the next few years.
Top Stock Gainers and Losers
Which companies have driven the market over the last 7 days?
| Company | Last Price | 7D | 1Y | Valuation | |
|---|---|---|---|---|---|
| TENAGA Tenaga Nasional Berhad | RM 13.66 | 2.2% +RM 1.7b | -7.3% | PE17.9x | |
| PETGAS PETRONAS Gas Berhad | RM 18.36 | 1.5% +RM 554.0m | 4.3% | PE20.4x | |
| YTLPOWR YTL Power International Berhad | RM 3.41 | 1.8% +RM 517.7m | -20.5% | PE11.4x | |
| GASMSIA Gas Malaysia Berhad | RM 4.33 | 3.1% +RM 166.9m | 1.4% | PE13.7x | |
| MALAKOF Malakoff Corporation Berhad | RM 0.81 | 1.2% +RM 48.9m | -2.4% | PE41.5x |
