The valuations of the petrochemicals producer, which booked solid quarterly earnings in 1Q22, continues to be attractive below its five-year mean, said RHB.
According to RHB, the petrochemical plant at Pengerang is expected to commence operations in phases following the PIC start-up in early May. In addition, the the broker expects the acquisition of Perstorp for RM7bil to enable the group to strengthen its petrochemicals portfolio and selectively diversify into derivatives and speciality chemicals.
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