Other Calls
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Results Note - PCHEM
(SELL, maintain)
Valuation still high, maintain SELL PCHEM's core net profit (after excluding a PP&E write-off of RM241m) improved to RM656m in 2Q16 and RM1,246m in 6M16, driven mainly by higher plant utilization and sales volume and a stronger US$. With results coming in within our expectation, we maintain our forecasts and target price of RM5.29 based on a PE target of 17x 2016E EPS. We continue to rate PCHEM at SELL as the stock is still trading at a high valuation even though crude oil prices remain volatile.
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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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