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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