Feb was fabulous. PCHEM's product margin in Feb 2012 was USD1,116/tonne
(-0.6% YoY, +8.1% MoM), we estimate. Product prices are on a steady
upward trend thanks to healthy manufacturing numbers, active restocking
exercise, heavy buying ahead of a large number of factory maintenance
shutdowns in March and also higher naphtha cost. Maintain BUY on PCHEM
with an unchanged target price of RM7.50 based on 12x 2013 PER -
industry historical mean PER.
Maybank Research 15 March 2012
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