KUALA LUMPUR: AffinHwang Capital Research forecasts Petronas Chemicals (PChem) to achieve a 15% sequential earnings growth in 2Q15, lifted by higher product selling prices, but dragged down by lower plant utilisation.
“At 17 times 2016E price-to-earnings ratio PER (26% above historical average, 33% above regional peers), we believe that the positives are priced in. Maintain Sell with an unchanged target price of RM5.75 based on 14 times 2016E PER,” it said on Tuesday.
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