NST Online Business Times : latest
NST Online Business Times : latest |
| Target price for Petronas Chemicals cut Posted: 29 Oct 2012 06:59 PM PDT Kenanga Research has reduced its target price for Petronas Chemicals Group Bhd, Malaysia's largest producer of integrated chemicals, to RM6.99 from RM7.46 citing a short-term negative impact from the company's divestment of its vinyl business. "The exercise is expected to impact earnings in the near term, but the longer run outcome should be positive as the company could focus on its high-margin products that are more closely integrated within the product value chain," said Kenanga in a report on Tuesday. The brokerage maintained its "outperform" call on the stock, which hit a year-to-date low of RM6.43 earlier this month. At 9.50 am (0150 GMT) it was down 0.62 percent at RM6.38. The vinyl business makes key products essential to the manufacturing of pipes, roofing tiles, wires and cables. The company's vinyl plants in Malaysia and Vietnam will require up to three years for decommisioning, it said in a statement yesterday. State-owned Petroliam Nasional Bhd remains the company's largest shareholder, with a 64.4 percent stake. -- Reuters  |
| 'Overweight' call on Perdana Petroleum Posted: 29 Oct 2012 07:13 PM PDT Hong Leong Investment Bank has initiated coverage of Perdana Petroleum starting the offshore marine services firm with an "overweight" call. The bank said the firm will benefit from a pick-up in the global and domestic off-shore oil and gas sector. "We are projecting a drastic swing from a core earnings loss of RM28 million (in 2011) to a core earnings profit of RM24 million and RM49 million in 2012 and 2013 respectively," it said. The bank set a target price of RM1.50 per share. |
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