PETKM 2Q21 Earnings Call Key Takeaways
• Following its stronger than expected 2Q results, PETKM management held a conference call to discuss its 2Q results and the outlook for the rest of the year. PETKM management revised its 2021E EBITDA guidance significantly to USD570-630mn, from USD400-430mn. Bearing in mind the revised guidance, PETKM’s EBITDA in 2H21 could hover between USD 185mn-USD245mn, implying 29% YoY growth compared to 2H20. Even though the petrochemical product margins and ethylene-naphtha spread averages are on the declining trend, we believe PETKM could achieve its target. PETKM trades at 6.05x 1y fwd EV/EBITDA, with 25% discount to 5y median. We continue to like PETKM and maintain our Outperform recommendation.
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