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Saudi Fransi Capital expects Saudi petrochemical companies to report weak financial results in the fourth quarter, as plummeting crude and soft product prices take a toll on their earnings.
“For the 10 companies under our coverage, we expect a combined Q415E net profit of SAR 5 billion implying 23 percent quarter on quarter and 14 percent year on year decline,” analysts Dipanjan Ray and AbdulAziz Jawdat said in a report on the sector Tuesday.
The brokerage has maintained “buy” ratings on SABIC, Advanced Petrochemical Co., Yansab, Sipchem and SIIG.
It has “hold” ratings on National Petrochemical Co, Sahara, Tasnee and Kayan and a “sell” rating on Methanol Chemical Co. (Chemanol), with target price revised to SAR 6.8 per share.
Advanced is the best-positioned to operate in a low oil prices environment as all of its feedstock is oil-based, thus cutting cost of production as crude prices drop.
The prices of 12 petrochemical products, especially in Asia, declined an average 13 percent quarter-on-quarter and 25 percent year-on-year, respectively. Propylene and MTBE declined the most, losing 25 percent.
Given a volatile product price environment, while earnings volatility is unsurprising, it can be exacerbated by plant shutdowns in case of SIIG, Sipchem and Chemanol, the report said.
“Furthermore, due to decline in crude price over the previous six months, balance sheets may be carrying some higher cost inventory.”
The Saudi Stock Exchange, Tadawul, dropped 5 percent in Q4-15, but the Tadawul petrochemical index was largely flat. Yet, the Saudi petrochemical sector underperformed its global bears in North America, Europe and Asia which were up by nine to 13 percent.
Q4-2015 Profit Estimates (SAR mln) |
||
YOY change |
Q4-2015 |
Company |
(3%) |
4,130 |
Sabic |
(59%) |
251 |
Yansab |
(3%) |
195 |
Advanced Petrochemical |
+40% |
270 |
Petrochem |
(73%) |
35 |
Sipchem |
-- |
73 |
Saudi Kayan |
-- |
(39) |
Chemanol |
+89% |
162 |
SIIG |
+5% |
87 |
Sahara Petrochemical |
-- |
(171) |
Tasnee |
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