Petkim: TRY to get your FX of chemicals (upgraded to BUY)
We have upgraded Petkim to BUY (from Hold), with a new price target (PT) of TRY 6.58 (from TRY 4.00), which represents 43.1% upside. Petrochemicals has been the star of the oil business in 2020 ytd, but Petkim has only outperformed the unfashionable Turkish market by 5% this year. Some segments of the petrochemicals industry are seeing overinvestment, but low oil prices are providing support across the sector, and economic recovery should lift margins in a number of sub-segments that have been suffering. Petkim has been growing its trading business, exploiting the big product deficit, and risk averse customers. In the longer term, new competition is on the way, but this is either not on problem products, or too far in the future to worry about now. For those concerned by the recent trajectory of the TRY, Petkim is almost immune to TRY movements.
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.
Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.
We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.
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