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最新博彩网址:PetChem faces lower ASPs but higher utilisation rates in coming quarters

时间:3周前   阅读:3   评论:4

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KUALA LUMPUR: While product prices have come off their peaks in 1H22, Petronas Chemicals Group Bhd is expected to continue to post strong results in its coming quarters following the completion of major planned plant turnarounds for the year.

Hong Leong Investment Bank (HLIB) Research in a report said coupled with a targeted blended utilisation rate of at least 90% for the year, it said PETRONAS Chemicals is on track to another good year in 2022.

In 2Q22, PETRONAS Chemicals recorded a net profit of RM1.85bil, which brought 1H22 sum to R3.83bil.

"We deem the results to be within expectations at 57% and 50% of ours and consensus full-year forecastsrespectively as our findings have indicated that product spreads (HDPE, LDPE, LLDPE, urea and methanol) have come off from its respective peaks in 1H22, it said.

It added that the expected completion of the acquisition of Perstorp in October 2022 and China's potential reopening will help to bolster PETRONAS Chemicals' product spreads and earnings in 4Q22.

"All-in, we maintain 'buy' on PETRONAS Chemicals with an unchanged target price of RM11.76/share – based on a price-earnings multiple of 14x of FY22 forecast earnings – in line with its five-year mean valuations," said HLIB.

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Meanwhile, TA Securities Research is taking a more conservative stance on the stock against the backdrop of softer near-term average selling prices.

"In 3Q22-to-date, average Brent oil price has retraced to USD102/bbl (2Q22 average: USD112/bbl).

"In tandem, we expect this to lead to softer ASPs for Pet Chem’s products in 3Q22. This reflects a normalisation following a meteoric rise since 2Q20.

"As such, this implies tapering earnings momentum for the Group after a record FY21," it said.

However, it noted that easing oil prices bode well for PETRONAS Chemicals' upcoming naphtha cracker at Pengerang Integrated Complex on the back of lower naphtha feedstock price.

TA lowered the stock's target price too RM8.90 from RM11.40 previously, and revised its recommendation to "hold".


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  • 2022-09-25 00:17:47

    Meanwhile, the local currency fell against the Singapore dollar to 3.2189/2222 from Wednesday’s close of 3.2111/2130 and depreciated versus the Japanese yen to 3.2813/2848 from 3.2614/2631.推荐入坑,别犹豫

  • 2022-11-10 00:56:39

    Annuar said Umno leaders should protect the name of the party and not create misunderstandings.谁看的有我多

    • 2022-11-12 07:59:51

      @足球分析专家(www.99cx.vip) Một báo cáo của tạp chí Lancet (Anh) năm 2020 cho biết gần 17.500 người tại New Delhi đã tử vong trong năm 2019 do ô nhiễm không khí. Theo nghiên cứu của Viện Chính sách Năng lượng thuộc Đại học Chicago, được công bố hồi tháng 6 vừa qua, tại Nam Á, một người bình thường có thể sống thêm 5 năm nếu nồng độ bụi mịn trong không khí giảm xuống bằng mức tiêu chuẩn của WHO.打卡~