KUALA LUMPUR (Feb 23): CIMB Research has maintained its “Add” rating on Petronas Gas Bhd (PetGas) at RM22.38 with an unchanged target price of RM27.11 and said there were no major surprises from PetGas’s 4Q14 results conference call aside from clarification on its deferred tax assets (DTA).

In a note Feb 18, the research house said moving forward, it  expects PetGas's earnings and cashflows to remain stable, which would translate to consistent dividend payouts.

“Following the clarification on its DTA and associate earnings, we maintain our earnings forecasts for FY15 onwards.

“Our SOP-based target price of RM27.11 is unchanged, as is our Add call.

“We think the stock will attract investor interest during the current weak market environment due to the company’s highly stable earnings and cashflows,” it said.