0202 GMT - Petronas Dagangan's commercial segment margins could normalize in 2H following a strong 2Q, as gains from lower fuel-product prices might recur if prices rise, TA Securities analyst Luqman Anwar says in a note. However, Petronas Dagangan's integrated supply chain with its parent, Petronas, and diversified earnings base should provide resilience, he reckons. Domestic fuel demand is expected to remain resilient, supported by affordable RON95 fuel prices, steady GDP growth and improving tourism, he says. The analyst raises Petronas Dagangan's 2026-2028 earnings estimates by 1.4%-3.7%, to factor in higher sales volume estimates. TA Securities downgrades Petronas Dagangan's rating to hold from buy, but raises its target price to 20.80 ringgit from 20.30 ringgit. Shares are 2.8% higher at 20.56 ringgit.