ANALYST REPORT
Kumho Petrochemical : Growth intact
Share price correction alongside natural rubber price declines offer an attractive buying opportunity, in our view, as we believe Kumho's operations are not affected due to the wide price gap between synthetic and natural rubbers. Solid quarterly earnings should ease concerns. We raise our TP to \192,000; Buy.
▶ We raise 2011 and 2012 EPS by 17% and 13% and our target price to \192,000
▶ Kumho P&B: Beneficiary of strong phenol chain demand
▶ Concern over falling natural rubber price overblown
No. 1362011.03.29
Kumho Petrochemical : Growth intact
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