KUALA LUMPUR: OSK Research said Petronas Chemicals Group Bhd's 1HFY11 results were within expectations.
It said on Tuesday, Nov 30 that overall, the numbers showed a year-to-date improvement, attributed to higher realised prices on increasing demand and higher volume sold following an improvement in plant utilisation.
'Nevertheless, we are downgrading our call from Subscribe to Neutral given that the share price has rallied and is nearing our target price of RM5.51, from its IPO price of RM5.20,' it said.
The institutional price was RM5.20 and for retailers, it was RM5.04.
It said on Tuesday, Nov 30 that overall, the numbers showed a year-to-date improvement, attributed to higher realised prices on increasing demand and higher volume sold following an improvement in plant utilisation.
'Nevertheless, we are downgrading our call from Subscribe to Neutral given that the share price has rallied and is nearing our target price of RM5.51, from its IPO price of RM5.20,' it said.
The institutional price was RM5.20 and for retailers, it was RM5.04.
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