Bursa Malaysia Stock Watch
Petronas Chemicals Group: Maintain Buy - 2Q12: Slightly Below Expectations
kltrader
Publish date: Wed, 29 Aug 2012, 09:30 AM
kltrader
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- MFRS restatements-related. PCHEM's restated 1H12 PATAMI of MYR1,874m (+5.5% YoY) was 6% below our MYR2,002m expectation.
- 1H12 performance was still satisfactory thanks to good operational reliability, smooth handling of scheduled maintenance, stable feedstock supply and strong demand.
- However, product prices are trending lower and we need to review our forecasts to reflect the current market conditions. Our target price and rating too are under review pending the analyst briefing later today.
Source: Maybank Research - 29 August 2012
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