MY : Petronas Chemicals Group - Record profits in 1Q21 to continue into 2Q21F

1Q21 core net profit was 35% of our full-year estimate (47% of consensus), in-line, as 2H21F earnings may be lower as selling prices moderate. Maintain Add, but with lower TP of RM9.05 (CY22F EV/EBITDA of 10.5x, +2 s.d. above mean), as 2Q21F results will likely be as strong as that of 1Q21.

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