Goldman Sachs analyst Nikhil Bhandari downgraded Petronas Chemicals to Sell from Neutral with a price target of MYR 5.60, down from MYR 6.60, after lowering the firm’s 2023-25 EBITDA estimates by 8%-16% due to weaker-than-expected Q3 results; marking to market lower olefin/fertilizer margins; higher opex from additional ramp-up related cost burdens and project delays; and lower earnings for the specialty chemical business.
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