Follow up from the conference call. 1Q12 will be a strong quarter thanks to product prices being 15-20% higher QoQ, and higher volumes as there are fewer scheduled maintenance shutdowns in the period. The petrochemical industry should perform very well in 2012, and PCHEM is well positioned to leverage on its efficient and low-cost operations. Maintain Buy, with an unchanged TP of RM7.50/share based on 12x 2013 PER, which is the industry historical mean PER.

Maybank Research 29 Feb 2012

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