Stock Name: PCHEM
Company Name: PETRONAS CHEMICALS GROUP BHD
3Q11: Awesome Shariah-compliant
Above consensus. RM2,818m (+40.3% YoY) 9M11 PATAMI was 74% of our full year forecast (within expectation) and 78% of consensus (ahead). These are impressive results driven by high utilization rates, strong product margins and relatively stable input cost. PCHEM will continue to leverage on the current high chemical prices and should obtain strong results in 4Q11. Maintain Buy, with a TP of RM8.15/share based on 13.5x 2012 PER, in line with peers' historical mean PER.
Maybank research (23 November 2011)
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Company Name: PETRONAS CHEMICALS GROUP BHD
| Research House: MAYBANK | Price Call: BUY | Target Price: 8.15 |
3Q11: Awesome Shariah-compliant
Above consensus. RM2,818m (+40.3% YoY) 9M11 PATAMI was 74% of our full year forecast (within expectation) and 78% of consensus (ahead). These are impressive results driven by high utilization rates, strong product margins and relatively stable input cost. PCHEM will continue to leverage on the current high chemical prices and should obtain strong results in 4Q11. Maintain Buy, with a TP of RM8.15/share based on 13.5x 2012 PER, in line with peers' historical mean PER.
Maybank research (23 November 2011)
Click here for full report ''
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