Affin keeps ‘add’ for PetChem after proposed divestment
Page 1 of 1
Affin keeps ‘add’ for PetChem after proposed divestment
Affin keeps ‘add’ for PetChem after proposed divestment |
Business & Markets 2013 |
Written by Jeffrey Tan of theedgemalaysia.com |
Thursday, 07 November 2013 11:13 |
KUALA LUMPUR (Nov 7): Affin Investment Bank Research has maintained its ‘add’ call on Petronas Chemicals Group Bhd (PetChem) at RM7.12 with unchanged target price (TP) of RM7.50 as the research house is neutral on the proposed divestment.
In a note today, Affin IB said the proposed divestment is inline with the group’s portfolio optimisation strategy.
It said the Vietnam PVC business had minimal contribution to the group’s earnings.
“We make no change to our earnings forecast, ‘add’ rating and TP of RM7.50 based on 15 times CY14 earnings per share,” said Affin IB research analyst Issac Chow.
“We continue to like PetChem for its strong parentage, good governance, experienced management and cashflow prowess.”
Yesterday, the integrated chemicals producer announced it would divest its 93.11% stake in Phu My Plastics and Chemical Co Ltd, a Vietnam based PVC resin manufacturer to Asahi Glass Co Ltd and Mitsubishi Corp.
Cals- Administrator
- Posts : 25277 Credits : 57721 Reputation : 1766
Join date : 2011-09-08
Location : global
Comments : “My plan of trading was sound enough and won oftener that it lost. If I had stuck to it Iâ€d have been right perhaps as often as seven out of ten times.â€
Stock Exposure : Technical Analysis / Fundamental Analysis / Mental Analysis
Similar topics
» Affin's proposed acquisition of Hwang-DBS units likely to raise group's market share
» Time Eng up on rumours of divestment
» FGV gets nod for Canada unit's RM608.2m divestment
» FGV completes divestment of Canadian unit
» Khazanah’s divestment of Proton will be tricky
» Time Eng up on rumours of divestment
» FGV gets nod for Canada unit's RM608.2m divestment
» FGV completes divestment of Canadian unit
» Khazanah’s divestment of Proton will be tricky
Page 1 of 1
Permissions in this forum:
You cannot reply to topics in this forum
|
|