A mixed bag. PCHEM's RM3,553m (+23.3% YoY) 2011 PATAMI was 94% of our and 96% of consensus full-year forecasts. Associate contribution has proved to be an incalculable variable, as it dropped by a whopping 40.2% YoY. Notwithstanding this, the parent company performed well due to high utilisation, strong product margins and stable input costs. Maintain Buy, with an unchanged TP of RM7.50/ share based on 12x 2012 PER, in line with global peers.
Maybank Research 28 Feb 2012
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