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Chemical Company of Malaysia
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27-Mar-2020 Since the chlor-alkali market is a duopolistic market in Malaysia, the operating environment will continue to be favourable to CCM in terms of pricing and margins, especially when overall demand outstrips local capacities. It also provides investors exposure to the capacity expansion of the glove segment as both its chemicals and polymers divisions are directly utilised by the glove industry. Coming off a low base in FY19, we should see earnings growth returning in FY20 to be driven by PGW1 reactivation, which is replacing approx. 30% of domestic imports and commencement of contributions from RAPID. Valuation wise, it is now trading at 2020F PE of 5.7x, which is a huge discount to industry average of x PE. Hence, we re-initiate our coverage on CCM with a LONG-TERM BUY. Malaysia Malaysia Research Team
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