RHB raises PetChem’s FY21-23 earnings forecasts on firmer petrochemical prices | Malay Mail

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KUALA LUMPUR, Oct 6 ― RHB Investment Bank Bhd (RHBIB) has raised its earnings forecasts for Petronas Chemicals Group Bhd (PetChem) for the financial years ending December 31, 2021 to 2023 (FY21-FY23), by between three and 19 per cent on the back of stronger petrochemical prices. In a research...

Wednesday, 06 Oct 2021 12:07 PM MYT

In a research note today, it also maintained its “buy” call on the chemical producer with a higher target price of RM9.91 per share from RM9.11 previously. RHBIB said it expected further earnings upside if the moderation in average selling price was less steep than anticipated, and the Petroliam Nasional Bhd subsidiary could kickstart the Pengerang Integrated Complex project in Johor smoothly.

On PIC, RHBIB said its start was likely to be delayed further, with a gradual start-up to be fully operational by the first quarter of 2022.

 

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