04 May 2007 11:17 [Source: ICIS news]
MUMBAI (ICIS news)--UBS on Friday said it upgraded ICI's 2007, 2008 and 2009 earnings per share (EPS) estimates by 2% in each year after the company's first-quarter results exceeded the bank’s forecast.
The brokerage said estimated EPS would be 33.22 pence in 2007, 37.52 pence in 2008 and 40.68 pence in 2009.
UBS said in a research note the upgrade reflected the ?xml:namespace>
ICI’s net income was 5% ahead of forecasts, mainly driven by a 17% year-on-year increase in profits at ICI’s paints division and 16% growth in its starches segment. UBS said lower finance costs also drove the improved performance.
The brokerage maintained its “neutral 2” rating on ICI as well as its £5.65 target share price on the company’s stock.
According to UBS analysts, the
The brokerage said the specialty starches margins were likely to be lower in the second half of the year, however, due to rising costs of raw materials such as corn.
ICI shares rose 2.50% to £5.35 on the London Stock Exchange on Friday at 8:38 GMT, from £5.32 at yesterday’s close.
($1 = £0.50)
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|