Latest news with #RM2.18
The Star
6 days ago
- Business
- The Star
Challenging road ahead seen for PetChem
PETALING JAYA: Petronas Chemicals Group Bhd (PetChem) is facing a challenging path to recovery in the second half of this year (2H25). Analysts covering the company remain cautious despite expectations of operational improvements following a tough second quarter. While plant utilisation is expected to normalise and losses from joint-venture subsidiary Pengerang Petrochemical Co Sdn Bhd (PPC) could narrow, research houses see the broader petrochemical market outlook as subdued, weighed down by oversupply and weak demand across key markets. Maybank Investment Bank Research (Maybank IB Research) said the worst was likely over in the second quarter of the year (2Q25) due to company-specific issues such as unplanned downtime in Pengerang Refining Co Sdn Bhd and PPC in Johor and feedstock disruptions at a plant in Kedah. However, the research house cautioned that PetChem's valuations are rich and lofty at 32 and 21 times estimated earnings for 2025 and 2026, respectively, given the cyclical nature of the industry in a still challenging sector outlook. 'We reiterate our bearish view on the olefins and derivatives subsector due to the ongoing regional oversupply glut, mainly from China,' Maybank IB Research said. It maintained its 'sell' call on PetChem, with an unchanged target price of RM2.59. TA Research slashed its 2025 to 2027 earnings forecasts for PetChem by between 35% and 42%, citing weaker O&D spreads, continued foreign exchange headwinds and sustained losses at PPC. 'Persistent oversupply in polyethylene and monoethylene glycol markets and soft downstream demand are expected to keep overall margins under pressure,' the research house said. TA Research downgraded its recommendation on PetChem to 'sell' from 'hold' and cut its target price for the counter to RM3.51 from RM4.11 previously. Hong Leong Investment Bank Research (HLIB Research) said PPC's utilisation rate has reached about 80% to 90% since commencing its creditor reliability test on June 26, with losses narrowing slightly quarter-on-quarter. However, it said: 'We expect PPC to remain loss making due to subdued product prices amid persistent regional oversupply, weak downstream demand across key end markets, and sustained margin compression from unfavourable paraxylene–naphtha spreads.' The speciality-chemicals segment is also expected to be weighed down by weak residential construction demand, rising costs and oversupply, with further impairments possible if market conditions remain soft. HLIB Research reiterated 'sell' call on PetChem, with a lower target price of RM2.18, compared with RM2.50 previously. CIMB Research trimmed its 2025 to 2027 earnings estimates for PetChem by up to 11.8% following weaker-than-expected results from operational disruptions and extended downtime. 'We anticipate a material recovery in 2H25, supported by the normalisation of operations and the absence of major unplanned outages,' it said, expecting PPC's losses to narrow. The group is awaiting regulatory approval to defer the turnaround of its second cracker in Kertih to 2Q26, which could optimise output later this year. Nonetheless, the research house flagged that subdued global demand and new US tariffs may further dampen sentiment in export markets. CIMB Research kept its 'hold' rating on PetChem, but cut its target price to RM3.45 from RM3.53. Meanwhile, Kenanga Research reduced its 2025 to 2026 earnings forecasts by 75.3% and 40.1%, respectively, driven by larger speciality-segment losses and lower fertilisers and methanol plant utilisation. While noting signs of bottoming polyolefin prices and PetChem's strong balance sheet, it said PPC's ramp-up is still a concern due to feedstock supply disruption, and polyolefin price recovery remains uncertain. Kenanga Research trimmed its target price for PetChem to RM3.36 from RM3.40, while maintaining its 'market perform' call on the counter. PetChem posted a net loss of RM1.08bil in 2Q25 compared with a RM777mil profit a year earlier, as revenue fell 16% year-on-year to RM6.44bil. In the first half, it recorded a net loss of RM1.1bil against a RM1.45bil profit in the same period last year.
New Straits Times
30-07-2025
- Business
- New Straits Times
Late buying interest lifts Bursa Malaysia to close at intraday high
KUALA LUMPUR: Bursa Malaysia languished in the red for most of the day but managed to eke out paltry gains to settle at an intraday high on Wednesday due to late buying interest in selected heavyweights led by industrial products and financial services sectors. At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) inched up 0.68 of-a-point, or 0.05 per cent, to close at 1,524.50 from Tuesday's close of 1,523.82. The benchmark index opened 0.28 of-a-point higher at 1,524.10 and hit a low of 1,516.96 during the morning session. However, the broader market was negativeve, with losers outpacing gainers 570 to 377, while 508 counters were unchanged, 1,076 untraded and 89 suspended. Turnover declined to 2.65 billion units worth RM2.07 billion from 3.36 billion shares worth RM2.18 billion yesterday. UOB Kay Hian Wealth Advisors Sdn Bhd's head of investment research Mohd Sedek Jantan said the market barometer traded within a narrow range for most of the day, hovering around 1,522, before a sharp uptick in the final 10 minutes pushed it to close at 1,524.50. He said the financial services counters lagged earlier in the session, pressured by the widening divergence in monetary policy between Bank Negara Malaysia (BNM) and the United States (US) Federal Reserve (Fed). "Earlier this month, BNM cut the Overnight Policy Rate by 25 basis points to 2.75 per cent and the Fed is widely expected to keep its benchmark rate unchanged at 4.33 per cent. "This growing policy gap has amplified the risk of capital outflows from interest rate–sensitive sectors, prompting foreign investors to reduce their positioning in Malaysian financials," he told Bernama. Mohd Sedek also noted that markets are beginning to price in increased volatility, with less than 48 hours remaining before the US tariff negotiation deadline and ahead of the Federal Open Market Committee (FOMC) decision later tonight. Meanwhile, Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng expects investors to gradually re-enter the market, anticipating potential catalysts such as regional policy easing, progress on trade negotiations, and renewed interest in undervalued blue-chip stocks. "We retain our weekly FBM KLCI target at between 1,510 and 1,540," he said. Heavyweights Petronas Chemicals (PChem) rose 28 sen to RM4.07, Public Bank gained eight sen to RM4.29, and Hong Leong Bank was 26 sen higher at RM19.30, while CIMB slipped nine sen to RM6.55 and Maybank lost seven sen to RM9.45. Tenaga Nasional fell four sen to RM13.28 and IHH Healthcare climbed three sen to RM6.63. Of the most active counters, NexG and Zetrix AI were flat at 53 sen and 84.5 sen, respectively, Lotte Chemical Titan advanced four sen to 72 sen, while Tanco slid nine sen to 83.5 sen, and Pharmaniaga erased two sen to 16 sen. Besides PChem, other top gainers were Chin Teck Plantations which garnered 27 sen to RM9.76, Hong Leong Bank rose 26 sen to RM19.30, and Far East Holdings surged 20 sen to RM4. Among the top losers, Nestle fell 40 sen to RM87.40, Fraser and Neave dipped 30 sen to RM28.60, and Allianz Malaysia slid 28 sen to RM17.42.
Focus Malaysia
30-07-2025
- Business
- Focus Malaysia
Late buying interest lifts Bursa Malaysia to close at intraday high
BURSA Malaysia languished in the red for most of the day but managed to eke out paltry gains to settle at an intraday high on Wednesday due to late buying interest in selected heavyweights led by industrial products and financial services sectors. At 5 pm, the FBM KLCI inched up 0.68 of-a-point, or 0.05 per cent, to close at 1,524.50 from Tuesday's close of 1,523.82. The benchmark index opened 0.28 of-a-point higher at 1,524.10 and hit a low of 1,516.96 during the morning session. However, the broader market was negative, with losers outpacing gainers 570 to 377, while 508 counters were unchanged, 1,076 untraded and 89 suspended. Turnover declined to 2.65 bil units worth RM2.07 bil from 3.36 bil shares worth RM2.18 bil yesterday. —July 30, 2025
Yahoo
13-06-2025
- Entertainment
- Yahoo
Don't let scammers kill this love: Only buy Blackpink tickets from Ticketmaster, say Singapore police
SINGAPORE, June 13 — As excitement builds for Blackpink's upcoming concert in Singapore, fans — known as Blinks — are being urged to stay sharp and steer clear of ticket resellers. The Singapore Police Force (SPF) issued a stern warning today, reminding fans that Ticketmaster is the one and only authorised platform for ticket sales. The reminder comes amid growing concern over concert scams, especially after more than S$658,000 (RM2.18 million) was lost to fake ticket sales during Taylor Swift's tour earlier this year. Over 1,050 police reports were made in that case alone. Here's the deal: Blackpink tickets are non-transferable. That means any offer you see on platforms like Carousell, Facebook Marketplace, TikTok, or Telegram is likely a scam. Ticketmaster won't allow resales, and anyone caught with a resale ticket will be denied entry at the Singapore Sports Hub — with zero chance of a refund. The SPF is actively working with online platforms to take down suspicious listings, but scammers are still out there. Many are known to use fake screenshots, doctored videos, or bogus receipts to trick buyers. Some fans only discover they've been duped when the seller ghosts them — or worse, when their ticket doesn't scan at the gate. If a deal looks too good to be true, it probably is. Protect yourself, your wallet, and your K-pop dreams by buying only through official channels. For tips on spotting scams, visit the ScamShield website. Blackpink will be performing in Singapore on November 29 and 30, 2025, at the Singapore National Stadium as part of their Deadline World Tour.
