ATC 2007 earnings look good on strong Q1 - broker

16 July 2007 16:31  [Source: ICIS news]

MUMBAI (ICIS news)--Aromatics Thailand (ATC) should post full-year 2007 earnings of Baht (Bt) 8bn ($267m) on stronger than expected first-quarter earnings, IV Global Securities said on Monday.  

The brokerage saw a bullish consensus estimate for the second quarter to reflect strong aromatics prices and spreads this year.

It expected ATC, southeast Asia’s largest aromatics producer, to post second-quarter earnings of Bt2.8bn-2.9bn and first-half 2007 earnings of about Bt5.3bn.

IV Global Securities added that the estimates should be revised up further after the company’s first-half 2007 results.

ATC’s amalgamation with PTT subsidiary, Rayong Refinery (RRC), was expected to be announced soon, the brokerage said.

The brokerage has a buy rating on both ATC and RRC, with a share price target of Bt74 and Bt24, respectively.

($1 = Bt30.5)

By: Staff Reporter
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