$PCHEM / 5183 (PETRONAS CHEMICALS GROUP BERHAD)
Research by MIDF
Buy – TP RM7.54

“Steady Recovery from the Bottom of the Cycle"

• 1HFY24 revenue up +4%yoy, core earnings gained +25%yoy; came in above expectations
• Higher revenue and earnings due to favourable forex, higher sales in Specialties segment
• Headwinds remain in 2HCY24 but supported by elevated Brent, improved global manufacturing activities
• Upgrade to BUY with revised target price of RM7.54

Analyst:
MIDF Research
research@midf.com.my