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ANALYST REPORT

Kumho Petrochemical : 1Q operating profit likely beat the consensus materially
No. 132 등록일:2011.03.17         출처:Daiwa증권 첨부파일 Daiwa증권(110317).pdf PDF 다운로드
What has changed?

● We now forecast Kumho Petrochemical's(KKPC) 1Q11 operating profit to increase by 196% YoY and 83% QoQ to W192bn, on stronger synthetic rubber prices and lower raw-material costs than we expected previously.

Impact

● 1Q11 operating profit likely to beat the Bloomberg-consensus forecast by 52%

● Sharp natural rubber price correction behind KKPC's weak share price

● We see the above concerns as overdone 1) the risk of further downside for natural rubber prices seems to be limited 2) Synthetic rubber supplies remain tight
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