Tuesday, April 5, 2011

Petronas Chem Target Price (TP) estimate at RM8.50

Petronas Chemicals Group Bhd’s share-price estimate was raised to RM8.50 from RM7.50 at Credit Suisse Group AG to reflect higher earnings forecasts, bolstered by higher oil prices.

The company’s 2012 earnings estimate was raised 21 per cent while its forecast for 2013 was increased 8 per cent, Paworamon Suvamatemee, an analyst at Credit Suisse, wrote in a report today.

The stock was maintained as “outperform.” The shares have gained 36 per cent this year, the second-best performer on the Kuala Lumpur benchmark stock index. -- Bloomberg

Source: Business Times, 5 April 2011

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