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PETRONAS Gas Berhad (6033) Fair Value & Analysis

Energy · MY · Market cap 34.5B MYR

PG PETRONAS Gas Berhad 6033 · KLSE
Price17.16 MYR
Fair Value12.68 MYR
Upside-26.1%
Quality63/100
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Expensive Growth
Highly profitable · 26.7% net margin
Low debt · generates free cash flow
4.08% dividend yield
Ranks above peers (9/15)
Wide moat 74/100
Evidence: High Range 7.93 MYR – 17.36 MYR Share as image

Fair value as of: Jul 18, 2026

From 25 valuation models · updated 22 days ago

Share price −2.1% over the past month.

A solid business, but screening 26% overvalued on our models.

What matters now

  • Solid but not exceptional quality (63/100) and above fair value, neither a clear bargain nor a standout compounder.
  • A fairly wide model range (7.93 MYR to 17.36 MYR) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

18.40 MYR 12.45 MYR Fair Value 12.68 MYR Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 18, 2026.

How to read this chart

60‑month range 12.45 MYR – 18.40 MYR · fair‑value band 7.93 MYR – 17.36 MYR · the 17.16 MYR price screens above the 12.68 MYR fair value. Dashed = 300-day average. As of Jul 18, 2026.

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Analysis

PETRONAS Gas Berhad (6033) currently trades at 17.16 MYR, while our model-based Fair Value estimate is 12.68 MYR, implying the stock looks roughly 26.1% overvalued today. The Quality Score stands at 63/100 (solid quality), in the Energy sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, PETRONAS Gas Berhad generated revenue of 6.4B MYR at a net margin of 26.7%. Revenue declined 0.6% year over year. It earns a return on equity of 12.5%. The balance sheet holds a net cash position of 74.1M MYR. Fundamentals as of Jul 18, 2026

Our scenario range runs from 7.93 MYR (bear case) to 17.36 MYR (bull case); at 17.16 MYR, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 9% below its 52-week high and 4% above its 52-week low, currently below its 200-day average. For context, the median of 10 Energy peers we cover trades at -11% fair-value upside, at -26%, 6033 screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model BearBaseBull Evidence
Highest evidence
Growth DCF 5.35 MYR 7.26 MYR 9.84 MYR 80
Residual Income 6.72 MYR 7.78 MYR 12.55 MYR 76
Rev-Margin DCF 5.53 MYR 8.28 MYR 11.18 MYR 74
All 25 models by family
DCF Models
FCF DCF 5.20 MYR 7.24 MYR 10.11 MYR 38
Owner Earnings 4.42 MYR 6.12 MYR 8.53 MYR 31
5Y Revenue Exit 5.53 MYR 8.23 MYR 11.54 MYR 39
5Y EBITDA Exit 8.92 MYR 14.22 MYR 20.14 MYR 41
5Y P/E Exit 8.71 MYR 13.85 MYR 18.94 MYR 38
10Y Revenue Exit 5.20 MYR 7.58 MYR 10.50 MYR 36
10Y EBITDA Exit 7.48 MYR 11.62 MYR 16.72 MYR 37
10Y P/E Exit 7.35 MYR 11.36 MYR 15.85 MYR 35
Earnings-Based
Graham-Dodd 5.94 MYR 13.23 MYR 16.90 MYR 54
PEG = 1.0 2.14 MYR 3.05 MYR 3.97 MYR 46
EPV 7.56 MYR 8.74 MYR 9.78 MYR 59
Dividend Discount
Gordon GGM 6.61 MYR 10.65 MYR 15.21 MYR 70
DDM Multi-Stage 6.61 MYR 9.62 MYR 13.00 MYR 61
Multiples
P/E Multiple 11.78 MYR 15.71 MYR 19.64 MYR 63
P/S Multiple 6.04 MYR 8.05 MYR 10.07 MYR 58
P/B Multiple 9.70 MYR 12.93 MYR 16.17 MYR 55
EV/EBIT 11.74 MYR 15.50 MYR 19.27 MYR 53
EV/EBITDA 12.61 MYR 16.67 MYR 20.72 MYR 54
EV/Revenue 6.08 MYR 8.49 MYR 10.91 MYR 43
Asset-Based
NCAV (Graham) 3.59 MYR 4.81 MYR 7.18 MYR 50
Growth DCF
Growth DCF 5.35 MYR 7.26 MYR 9.84 MYR 80
Rev-Margin DCF 5.53 MYR 8.28 MYR 11.18 MYR 74
Economic Profit
Residual Income 6.72 MYR 7.78 MYR 12.55 MYR 76
ROIC Compounder 7.61 MYR 9.19 MYR 10.98 MYR 72
Growth Earnings
Growth-Adj P/E 8.88 MYR 12.68 MYR 16.49 MYR 68

Widest divergence: Multiples (12.93 MYR) versus Asset-Based (4.81 MYR). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) 6.4B MYR
Revenue growth (YoY) -0.6%
Net margin 26.7%
Return on equity 12.5%
Free cash flow 893M MYR FY2025
P/E ratio 20.1
More key figures
Operating margin 34.2%
EPS (TTM) 0.8600 MYR
Dividend yield 4.1%
EPS growth (YoY) -6.4%
Net cash 74.1M MYR FY2025

Figures from reported company fundamentals · as of Jul 18, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 63/100

Of which business quality 62 · Market factors (momentum, volatility) 54

Profitability 49
Margins and returns on capital today
Quality Growth 25
Are margins and returns improving?
Cashflow 62
Earnings quality: real cash, not paper profit
Fin. Strength 86
Balance sheet, leverage, solvency risk
Investment 62
Disciplined investing over empire-building
Low Volatility 96
Calm price path (market factor)
Momentum 39
Price trend over the last 3–12 months (market factor)
52W Momentum 33
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

PETRONAS Gas Berhad engages in separating natural gas into its components and storing in Malaysia. The company operates through four segments: Gas Processing, Gas Transportation, Regasification, and Utilities.

Full company description

PETRONAS Gas Berhad engages in separating natural gas into its components and storing in Malaysia. The company operates through four segments: Gas Processing, Gas Transportation, Regasification, and Utilities. It is involved in processing of natural gas into sales gas and other by-products, such as ethane, propane, and butane; transportation of processed gas to shippers' end customers and provision of operations and maintenance services; and regasification of liquefied natural gas (LNG), as well as provides LNG reloading and storage, truck loading, and gassing up and cooling down services. The company also manufactures, markets, and supplies industrial utilities; and owns, constructs, and operates power plants for the generation of electricity. The company was incorporated in 1983 and is based in Kuala Lumpur, Malaysia. PETRONAS Gas Berhad operates as a subsidiary of Petroliam Nasional Berhad.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

PETRONAS Gas Berhad reported revenue of 6.4B MYR in FY2025 versus 5.6B MYR in FY2021, a compound +3.1%/yr. Reported net income was 1.7B MYR in FY2025, compounding −3.5%/yr from FY2021.

Growth Quality 52/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
6.4B MYR
Latest YoY
−2.5%
Avg. growth/yr (3Y)
+1.1%
Avg. growth/yr (5Y)
+2.7%
Avg. growth/yr (20Y)
+4.1%
Revenue +3.1%/yr
FY21 5.6B MYR
FY22 6.2B MYR
FY23 6.4B MYR
FY24 6.5B MYR
FY25 6.4B MYR
Net income −3.5%/yr
FY21 2.0B MYR
FY22 1.6B MYR
FY23 1.8B MYR
FY24 1.8B MYR
FY25 1.7B MYR

6033 screens 26% overvalued. Compare with Saudi Arabian Oil Company →

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Cite: Fair Value Calculator (2026). "PETRONAS Gas Berhad Fair Value". https://www.fairvalue-calculator.com/stock/6033

Peer Group

Oil & Gas Integrated · 54 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 63 · Top 25%
Fair Value upside −26% · Below median
Return on equity (TTM) 12% · Above median
Return on assets 7% · Top 25%
Net margin (TTM) 27% · Top 25%
Operating margin (TTM) 34% · Top 25%
Revenue growth -1% · Below median
Dividend yield (TTM) 4.1% · Above median
Debt / equity 0.08× · Lower than 75% of peers

Valuation Multiples vs Oil & Gas Integrated median · lower = cheaper

P/E (TTM) 20.3× · Pricier than median
P/B 0.59× · Cheaper than 75% of peers
P/S (TTM) 1.33× · Pricier than median
P/FCF 9.5× · Pricier than median
EV/EBITDA 2.3× · Cheaper than 75% of peers
PEG 12.90× · Pricier than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 0 · sector 16
FUTURE 0 · sector 7
PAST 50 · sector 45
HEALTH 96 · sector 87
DIVIDEND 82 · sector 79

VALUE 0: the price sits above our fair-value range.

Insider activity: 45/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

Oil & gas

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Oil & Gas Integrated stocks, each showing price versus our Fair Value estimate (as of Jul 18, 2026).

Stock Price Fair Value vs Fair Value
Saudi Arabian Oil Company 2222 26.72 SAR 20.14 SAR -25%
Exxon Mobil Corporation XOM $144.51 $90.37 -37%
Chevron Corporation CHEV C$22.88 C$7.97 -65%
PetroChina Company 601857 ¥10.29 ¥16.51 +60%
Shell plc SHELL €38.04 €46.09 +21%
TotalEnergies SE TTE C$13.80 C$7.92 -43%
Petróleo Brasileiro S.A PETR3 12,540 ARS 30,914 ARS +147%
BP p.l.c., an integrated energy company, BP $40.83 $12.71 -69%
China Petroleum & Chemical Corporation 600028 ¥5.03 ¥4.46 -11%
Equinor ASA EQNR $36.19 $34.53 -5%

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Frequently asked questions

Is PETRONAS Gas Berhad (6033) overvalued or undervalued?
As of Jul 18, 2026, our model estimates a fair value of 12.68 MYR versus a price of 17.16 MYR, about −26% (overvalued).
What is the fair value of 6033?
Our model-based fair value for PETRONAS Gas Berhad is 12.68 MYR (as of Jul 18, 2026), built from audited fundamentals. The current price is 17.16 MYR.
What is the quality score of 6033?
PETRONAS Gas Berhad has a Quality Score of 63/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of PETRONAS Gas Berhad (6033)?
PETRONAS Gas Berhad reported trailing-twelve-month revenue of about 6.4B MYR (latest available figure, as of Jul 18, 2026).
What is the net profit margin of 6033?
The net profit margin of PETRONAS Gas Berhad is about 26.7%, meaning it keeps roughly 26.7% of revenue as net income. Based on the latest reported figures.
Does PETRONAS Gas Berhad pay a dividend?
PETRONAS Gas Berhad currently shows a dividend yield of about 4.11% relative to its recent price (as of Jul 18, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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