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DJ Petronas Chemicals May Benefit From Stronger Fertilizer Demand -- Market Talk

· 02/04/2021 22:27

0327 GMT - Petronas Chemicals Group could be a key beneficiary of stronger fertilizer demand, Citi says. It upgrades the stock to buy from sell and lifts its target price to MYR8.50 from MYR6.80, also citing faster earnings growth and rising urea prices. Urea is a white crystalline solid material often used in fertilizers. Citi forecasts the Ebitda of Petronas Chemicals' fertilizer-and-methanol segment to rise 40% in 2021, as it raises the 2021-2022 EPS estimates for the company by 23%-24% to reflect higher crude-oil prices. Shares rise 2.9% to MYR7.42. (yiwei.wong@wsj.com)

(END) Dow Jones Newswires

February 04, 2021 22:27 ET (03:27 GMT)

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