ANALYST REPORT
Kumho Petrochemical : Taking a breath for another leap
■ We initiate coverage on Korea Kumho Petrochemical(KKP) with an Outperform rating and a price target of KRW210,000.
■ KKP, as a pure synthetic rubber player, is likely to benefit the most form the potential synthetic rubber upturn.
■ In the short term, KKP is likely to deliver differentiated earnings starting from 4Q 2011, despite the overall weak petrochemical market sentiment.
■ Its valuation is attractive, in our view, as KKP's shares have been trading at their lowest levels for both PER and PBR bands since 2011.
■ KKP, as a pure synthetic rubber player, is likely to benefit the most form the potential synthetic rubber upturn.
■ In the short term, KKP is likely to deliver differentiated earnings starting from 4Q 2011, despite the overall weak petrochemical market sentiment.
■ Its valuation is attractive, in our view, as KKP's shares have been trading at their lowest levels for both PER and PBR bands since 2011.
No. 2022011.11.26
Kumho Petrochemical : Taking a breath for another leap
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