Challenging Road Ahead For Petchem As Research Houses Cautious About The Firm's Outlook
Challenging Road Ahead For Petchem As Research Houses Cautious About The Firm's Outlook
Both research houses are cautious about PetChem's outlook with MIDF Research projecting headwinds in its olefins and derivatives (O&D) and specialities segments that would be offset by the stability in fertilisers and methanol.
Petronas Chemicals Group Bhd's (PetChem) weaker-than-expected earnings for the first nine months of the financial year 2024 (9MFY24) and the result that came in below expectation prompted two research houses, MIDF Amanah Investment Bank Bhd (MIDF Research) and Maybank Investment Bank Bhd (Maybank IB) to revised the company's target price (TP) downward.
國油化學集團有限公司（PetChem）在2024財年前九個月的收益低於預期（9MFY24），業績低於預期，這促使兩家研究機構MIDF Amanah投資銀行有限公司（MIDF Research）和馬來亞銀行投資銀行有限公司（Maybank IB）下調了該公司的目標價格（TP）。
With a NEUTRAL recommendation, MIDF Research has revised its TP for PetChem from RM7.54 to RM4.89, citing unrealised foreign exchange losses as the primary drag on earnings despite higher production and sales volumes.
根據中立的建議，MIDF Research已將其PetChem的目標從7.54令吉上調至4.89令吉，理由是儘管產量和銷售量增加，但未實現的外匯損失是盈利的主要拖累。
Maybank IB, meanwhile, reduced its TP from RM4.18 to RM3.82. The research house said the revision is based on an FY25E price-earnings ratio of 17.5 times, at parity with its seven-year mean. Hence, the research house maintained its SELL recommendation for PetChem.
與此同時，馬來亞銀行將其目標價從4.18令吉下調至3.82令吉。該研究機構表示，該修訂基於 17.5 倍的 FY25E 市盈率，與七年平均值持平。因此，該研究機構維持了對PetChem的賣出建議。
Both research houses are cautious about PetChem's outlook with MIDF Research projecting headwinds in its olefins and derivatives (O&D) and specialities segments that would be offset by the stability in fertilisers and methanol.
兩家研究機構對PetChem的前景都持謹慎態度，MIDF Research預計其烯烴和衍生物（O＆D）和特種細分市場的不利因素將被化肥和甲醇的穩定所抵消。
However, although PetChem's near-term recovery may be hindered by softened demand in the O&D and specialities segments, MIDF Research anticipates an eventual rebound that is supported by stronger demand for fertilisers amid forecasts of La Niña and stable methanol markets heading into 2025.
但是，儘管石油化工的短期復甦可能會受到石油與開發和特種細分市場需求疲軟的阻礙，但MIDF Research預計，在拉尼娜和2025年甲醇市場穩定的預測下，化肥需求的強勁支持下，最終會出現反彈。
As for Maybank IB, the research house advised investors to avoid the petrochemical sector for the time being given the challenging outlook as the worst is not over for the industry for now.
至於Maybank Ib，該研究機構建議投資者暫時避開石化行業，因爲該行業目前最糟糕的時期尚未結束，前景充滿挑戰。
譯文內容由第三人軟體翻譯。
