Affin Hwang Capital Research Highlights
Petronas Chhemicals - Expansion for future growth
Petronas Chemicals; Hold
Price Target: RM5.90; PCHEM MK
US$500m investment for integrated aroma ingredients complex via JV with BASF. Although we are positive
on the investment, the plant is operational only in 2016. Muted capacity growth over next two years
underlines relatively weaker earnings growth.
Source: HwangDBS Research - 26 Apr 2013
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