J.P. Morgan ASEAN FTM 26 Jun 26 PGAS: Highest USD dividend stock in APAC utilities; upgrade to OW; GAM: Waiting for execution to catch up; Thailand: Goods trade deficit remained elevated in May

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J.P. Morgan ASEAN FTM 26 Jun 26 PGAS: Highest USD dividend stock in APAC utilities; upgrade to OW; GAM: Waiting for execution to catch up; Thailand: Goods trade deficit remained elevated in May

Asia Pacific Equity Research

ASEAN First to Market 26 June 2026

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| Perusahaan Gas Negara (Arnanto Januri) (PGAS IJ, OW, PT Rp2,150), Indonesia

Highest USD dividend stock in APAC utilities; upgrade to OW

We upgrade PGAS to OW (from N) with a new Dec-27 PT of Rp2,150, implying 42% upside. We believe the market has reset

expectations after the disappointing 2025 dividend, driven by an asset impairment (see our downgrade report ), as suggested

by the 31% share price decline over the past three months (vs. JCI -20%). Looking ahead, we expect earnings tailwinds into

2027 as oil prices trend lower; our global team now forecasts a surplus balance by 4Q26 and oil falling to below $60/bbl by

2H27 ( report ). PGAS should benefit, given an increasing LNG supply contribution and the price-cost lag working in its favor.

Every $5/bbl steepening decline in oil prices leads to ~3% EPS accretion, all else equal. At a normalized 80% payout, PGAS

offers a 13% USD dividend yield, which we view as attractive for investors seeking yield without direct commodity exposure;

this is the highest yield in the broader APAC utilities universe and the widest spread vs. Indonesia’s 10yr USD government

bond yield.

Gamuda (Yen Voo, CFA, CA) (GAM MK, OW, PT RM4.70), Malaysia

Waiting for execution to catch up

GAM’s 9MFY26 PAT of RM703m (+5% YoY) came in at just 57%/66% of JPMe/consensus, weighed by weaker property sales

of RM2.1bn (53% of FY26 target) and subdued construction billings as ~75% of its RM52bn orderbook remains in early stage,