Thursday 28 Mar 2024
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KUALA LUMPUR (Nov 30): BNP Paribas Equity Research analyst Por Yong Liang downgraded the recommendation on Petronas Chemicals Group Bhd to reduce from hold.

*Price target (PT) lowered to RM8 from RM8.90, implies 14% decrease. Petronas Chemicals average PT is RM9.67.

* Petronas Chemicals had 9 buys, 11 hold, 2 sells previously: Bloomberg data

* Analysts raised their consensus one-year target price for the stock by 3.8 percent in the past three months. Forecasts range from RM7 to RM11.23. 

Performance Metrics

* Investors who followed the analyst's recommendation would have received an 8.4 percent return in the past year, compared with the 28 percent return on the shares. 

* In the past six years and 10 months, BNP Paribas has rated Petronas Chemicals hold four times and buy four times. 

* The shares rose an average 11 percent in the periods rated hold and rose an average 0.3 percent in the periods rated buy. 

* Petronas Chemicals reported earnings that topped and sales that trailed estimates for the quarter on Nov 16. 


 

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