Equity Analysis /
Pakistan

Engro Polymer & Chemicals Ltd: Raise estimates in line with recent surge in PVC spreads

  • We raise our estimates and TP for EPCL in light of recent surge in global PVC margins

  • Our new TP is PKR62/sh and our EPS estimates for CY21/22 are PKR14.06/6.50

  • The recent expansion will help capitalize on rising construction activity; PVC margins should fall to LT mean levels

Saad Ali
Saad Ali

Head of Research

Intermarket Securities
3 June 2021