=MARKET BUZZ: Brokerages Raise Malaysia's Petronas Chemicals To Buy On Strong 2Q
KUALA LUMPUR (Aug 11) -- MIDF Research upgrades Petronas Chemicals Group to Buy on better-than-expected 2Q earnings, which more than doubled on-year. "As the product average selling prices are strengthening and stabilizing especially for the Olefins & Derivatives segment and as the sales volume continue to pick up, we turn optimistic on Petronas Chemicals expecting 2017 earnings to exceed MYR4 billion," says house says in investor note; ups target price to MYR8.18 from MYR7.58. Affin Hwang Investment Bank, also raises to Buy, ups target price to MYR8.00 from MYR7.70, says "while we expect further earnings weakness in 2H17, we think that this is already reflected in the stock price." Shares corrected 9% since April. Shares now down 0.3% at MYR7.01 weighed down by overall bearish sentiment in Malaysia’s exchange.
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