Higher earnings estimates for PetChem

Petronas Chemicals Group's maleic anhydride (MAn) plant in Gebeng.

PETALING JAYA: MIDF Research has upgraded its earnings estimates for Petronas Chemicals Group Bhd (PetChem) following its investment in the construction of Asia’s largest advanced chemical recycling plant in Pengerang, Johor.

“In consideration of this update and the possible prospect of a better climate for the petrochemical market in calendar year 2024 in regards to the elevated Brent crude prices, we upgrade our earnings estimates for financial year 2024 (FY24) and FY25 up by 13% and 6%, respectively,” it said.