Petronas Chemicals Group Berhad: Beats; Energy Security Play: OW

研报英文原文证据摘录

Petronas Chemicals Group Berhad: Beats; Energy Security Play: OW

Update

May 22, 2026 03:21 AM GMT

Morgan Stanley Asia (Singapore) Pte.+MPetronas Chemicals Group Berhad | Asia Pacific Mayank Maheshwari

Equity Analyst

Beats; Energy Security Play: OW Mayank.Maheshwari@morganstanley.comVivek Rajamani +65 6834-6719

Vivek.Rajamani@morganstanley.com +65 6834-6740

Reaction to earnings Ryan M Heng

Research Associate

Strengthens our thesis Meaningful upside Modest revision higher Ryan.Heng@morganstanley.com +65 6834-6465

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS Morgan Stanley India Company Private Limited+

Source: Company data, Morgan Stanley Research Pranitha Shetty

Tight global natural gas markets will keep fertiliser prices in EMs Pranitha.Shetty@morganstanley.com +91 22 6118-3022

Hinal Choudhary

much higher than the market expects, especially as key suppliers Research Associate

limit exports. PCHEM is a play on energy security as Hinal.Choudhary@morganstanley.com +91 22 6118-2044

policymakers globally try to fortify supply chains on food and Petronas Chemicals Group Berhad (PCGB.KL, PCHEM

plastics. MK)

ASEAN Energy and Materials | Malaysia

PCHEM reported core 1Q26 EBITDA of RM803mn (~2x QoQ, +17% YoY), beating Stock Rating Overweight

MSe and street as fertilizer and specialties' turnaround offset wider Pengerang Industry View Attractive

Price target RM6.24

losses. Core earnings swung to a significant positive, after nearly six quarters of Up/downside to price target (%) 14

Shr price, close (May 21, 2026) RM5.45

losses. 52-Week Range RM6.16-2.83

Sh out, dil, curr (mn) 8,000

1. Operations: Utilization reached 97% in 1Q. Despite ongoing and proposed Mkt cap, curr (mn) RM43,600