Excel – http://1drv.ms/1AP2ul4
Notes – http://tinyurl.com/mtrh67a
- Absolute EY%:
- FY14 (EPS: 0.341) – Fair value 6.34 (Fair Value Uncertainty: HIGH)
- R4Q (EPS: 0.29) – Fair value 5.4 (Fair Value Uncertainty: HIGH)
- FY15 (EPS: 0.324) – Fair value 6.02 (Fair Value Uncertainty: HIGH)
- FY16 (EPS: 0.368) – Fair value 6.85 (Fair Value Uncertainty: MEDIUM)
- EPS applied to reach the current stock price (5.86): 0.315
- Absolute EY%:
- Valuation of PCHEM is a bit attractive.
- PCHEM’s 1Q15 earnings slumped by -19%yoy to RM605m. The decline was largely due to the drop in profitability of the olefins and derivatives segment. While product prices are expected to improve latter this year, uncertainty v
- 8 May 2015 – PCHEM’s group plant utilisation rate (PUR) in 1Q15 improved remarkably to 90% from 80% a year earlier. This was above the world-class performance threshold of +85%. Segment-wise, the PUR of olefins and derivatives was at 95% whereas the fertilisers and methanol division chalked a PUR of 87% in the quarter.
- 8 May 2015 – The Sabah ammonia urea plant, which would increase production capacity from 1.4 million tonnes per annum (mmtpa) to 2.6 mmtpa, is on track for completion by 1QFY16.
- 8 May 2015 – Additionally, PCHEM will incur borrowings going forward to fund its future projects, including the refinery and petrochemicals integrated development, with a maximum EBITDA level of 2 times.
Latest Financial – Q1 2015 Financial Report(7 May 2015) http://www.bursamalaysia.com/market/listed-companies/company-announcements/4729525
At the time of writing, my family member owned shares of PCHEM.