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原标题:Kumho Petrochemical:Profit plunge in 2Q likely unavoidable

浏览次数:86 时间:2019-10-14

Our estimates have the operating profit of Kumho Petrochemical down 40.5% q-qto KRW39.1b (8.8% below the consensus) in 2Q, which likely owes to reduced: 1)product prices; 2) synthetic rubber sales volume; and 3) energy business earnings.

    Despite butadiene and styrene butadiene rubber price hikes over 1Q-2Q, thecompany’s synthetic rubber operating margin likely averaged just 1.7% in 1H,essentially unchanged from levels seen over the industry downturn of 2015-2016,indicative of rubber players still being unable to pass raw material cost hikes on toclients. Our HOLD rating on Kumho Petrochemical is unchanged.

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