KUALA LUMPUR: AmInvestment Bank Research has downgraded Petronas Chemicals Bhd to "hold" as the share price has risen to near its fair value of RM7.05 a share.
"Given that uncertain global economic outlook has clouded the earnings prospects of the group’s 50%-owned Pengerang operation which partly deferred its commencement to 1QFY21, PChem currently trades at a premium FY21F EV/EBITDA of 9x, above its 2-year average of 8.5x," it said.
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