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aws全区号( fertiliser prices, methanol segment boost for PetChem



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Petronas Chemicals Bhd (PetChem) appears poised for a stellar financial year 2021 (FY21) .

PETALING JAYA: Petronas Chemicals Bhd (PetChem) appears poised for a stellar financial year 2021 (FY21) as elevated prices in the fertilisers and methanol (F&M) segment is expected to boost the group’s near-to-mid-term outlook.

The supply constraints are not expected to ease until mid-2022.

Additionally, earnings would also be uplifted by firm product spreads for its ethylene-based segment, which can be seen from stable polyethylene product prices, according to analysts.

Maybank Investment Bank (IB) Research said it is raising its FY21-FY23 earnings per share estimates by 11%, 20% and 6%, respectively.

It has also upgraded the stock to a buy with a new target price of RM9.70.

The research firm noted that the group, which manufactures, markets, and sells petrochemicals, has a robust balance sheet with a net cash position of RM12.6bil as at end of second quarter 2021.

The stock also offers an attractive dividend yield of 4.2% and 3.3% for FY21-FY22, it added.

According to the research house, the supply tightness in the global fertiliser market is a by-product of three conflating factors – soaring natural gas prices, the fallout from Hurricane Ida and the Chinese government’s decision to instate export controls on fertiliser shipments effective Nov 1.

“In the third quarter of 2021, average selling prices (ASPs) for urea and ammonia were sequentially higher by 28% quarter-on-quarter whilst methanol prices posted a modest 8% gain.

Average methanol price so far in the fourth quarter has surged 19% as Chinese supply remains constrained, while urea and ammonia ASPs have thus far held on to their third quater of 2021 gains,” Maybank IB said in a report yesterday.

It believes elevated ASPs in the F&M segment are not expected to subside until the summer of 2022, as supply chain disruptions continue to exacerbate strong demand from economies emerging out of lockdown.

Coupled with firm ASPs in the olefins and derivatives division and the absence of major turnarounds in the third quater, the research house believes PetChem is on course to have an exceptional FY21.

In the second quater ended June 30, 2021, PetChem posted a net profit of RM1.86bil, bringing half-year profits to RM3.32bil from RM692mil in the first half of FY20.



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