A smooth quarter. PCHEM's 1Q12 net profit of MYR1,019m (+3.3% YoY,
+38.6% QoQ) was in-line with our MYR984m expectation but above
consensus. It was a smooth quarter for the Company with high plant
operational reliability, stable feedstock supply coupled with strong
demand from customers. The associates' performance, however, was weak
due to soft demand and low prices for its products. Maintain BUY, with
an unchanged TP of MYR7.50 on 12x 2013 PER, the industry’s
historical mean PER.
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Source: Maybank Research - 29 May 2012
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