05 November 2012 12:06 [Source: ICIS news]
LONDON (ICIS)--Erste Group Bank has placed major Turkish petrochemical producer Petkim on its list of expected stock market underperformers citing an unfavourable 2013 outlook for the company, the bank said on Monday.
“Generally we are pessimistic on the outlook for petrochemical producers using naphtha as their feedstock,” it added, maintaining a ‘Sell’ rating on Petkim’s shares.
However, Erste said there was a chance that Petkim’s third-quarter financial results could show a temporary recovery in margins.
The worsening outlook for Petkim meant the company replaced Poland-based oil and petrochemical group Grupa Lotos on the list of expected underperformers.
Grupa Lotos was, nevertheless, still facing a negative outlook, largely due to a sharp drop in refinery margins, Erste said.
($1 = €0.78)
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