Top Calls
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Results Note � PCHEM (ADD, maintain)
- Stronger earnings qoq on higher operational efficiency PChem�s 1Q14 net profit increased by 66.4% qoq to RM749m on the back of a higher revenue (+13.6% qoq) and improved EBITDA margin of 32.8% (from 21.3% in 4Q13). The strong sequential earnings improvement was mainly due to higher operational performance as the overall plant utilisation improved from 66% in 4Q13 to 80% following the completion of turnaround at its main cracker and its related downstream facilities. The group�s 1Q14 earnings account for 20-21% of consensus and our full year earnings forecast. We deem the results as inline, expecting higher earnings in coming quarters on relatively lower plant maintenance activities and higher gas supply at its methanol plant. We maintain our earnings forecast but rolled forward our valuation horizon to 2015 and raised our TP to RM7.40 (from RM7.00) based on an unchanged 15x forward PER. Maintain ADD.
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Other Calls
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Debt Market Research
- OPR stays at 3% but hawkish MPC, flattening to continue and possibly stronger MYR
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| For important disclosures, please refer to the Disclosure section at the end of the individual linked research reports. |
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