MY : Petronas Chemicals Group - Bumper earnings, bumper dividends

9M21 core net profit was above expectations at 78%/95% of our/consensus FY21 forecasts as product prices were led higher by strong energy prices. Reiterate Add with a slightly higher TP of RM9.97, rolling forward to end-CY22F; our FY21-23F core net profit forecasts are raised 3-5%. Key re-rating catalysts include expectations for the strength in petrochemical prices to last another two quarters, before moderating from 2Q22F onwards.