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NewsUnexciting outlook for Petronas Chemicals, says Alliance Research
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Unexciting outlook for Petronas Chemicals, says Alliance Research
by Cals Fri 23 Aug 2013, 10:04
Unexciting outlook for Petronas Chemicals, says Alliance Research
Business & Markets 2013
Written by theedgemalaysia.com
Friday, 23 August 2013 09:45
KUALA LUMPUR (Aug 23): The outlook continues to be unexciting for Petronas Chemicals Group Bhd (Pchem) given there being no major expansion activities in the near term, as well we as flattish product prices, according to Alliance IB Research.
In a note Friday, Alliance Research’s Arhnue Tan said PChem turned in results slightly ahead of house but within consensus estimates.
She said that on a year-on-year basis, lower feedstock costs help to boost 1HFY13 net profit by 10.1%.
“As such, we have made an upward revision to our FY13 earnings estimates by 7.5% to account for this.
“That said, the outlook continues to be unexciting for Petronas Chemicals given there being no major expansion activities in the near term, and also flattish product prices. We maintain our Neutral recommendation with a target price of RM6.65,” said Tan.
Business & Markets 2013
Written by theedgemalaysia.com
Friday, 23 August 2013 09:45
KUALA LUMPUR (Aug 23): The outlook continues to be unexciting for Petronas Chemicals Group Bhd (Pchem) given there being no major expansion activities in the near term, as well we as flattish product prices, according to Alliance IB Research.
In a note Friday, Alliance Research’s Arhnue Tan said PChem turned in results slightly ahead of house but within consensus estimates.
She said that on a year-on-year basis, lower feedstock costs help to boost 1HFY13 net profit by 10.1%.
“As such, we have made an upward revision to our FY13 earnings estimates by 7.5% to account for this.
“That said, the outlook continues to be unexciting for Petronas Chemicals given there being no major expansion activities in the near term, and also flattish product prices. We maintain our Neutral recommendation with a target price of RM6.65,” said Tan.
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