Stock Name: PCHEM
Company Name: PETRONAS CHEMICALS GROUP BHD
Feb was fabulous. PCHEM's product margin in Feb 2012 was USD1,116/tonne (-0.6% YoY, +8.1% MoM), we estimate. Product prices are on a steady upward trend thanks to healthy manufacturing numbers, active restocking exercise, heavy buying ahead of a large number of factory maintenance shutdowns in March and also higher naphtha cost. Maintain BUY on PCHEM with an unchanged target price of RM7.50 based on 12x 2013 PER - industry historical mean PER.
Maybank Research 15 March 2012
Click here for full report
Company Name: PETRONAS CHEMICALS GROUP BHD
| Research House: MAYBANK | Price Call: BUY | Target Price: 7.50 |
Feb was fabulous. PCHEM's product margin in Feb 2012 was USD1,116/tonne (-0.6% YoY, +8.1% MoM), we estimate. Product prices are on a steady upward trend thanks to healthy manufacturing numbers, active restocking exercise, heavy buying ahead of a large number of factory maintenance shutdowns in March and also higher naphtha cost. Maintain BUY on PCHEM with an unchanged target price of RM7.50 based on 12x 2013 PER - industry historical mean PER.
Maybank Research 15 March 2012
Click here for full report
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