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Chemicals :Positive signs__财炭峰战技经

网络整理 2017-06-02 国内新闻

Lotte Chemical and Korea Petrochemical climbed a respective 6.4% and 9.2%,yesterday, leading a rally amongst Korean Chemical stocks. The run-ups owe much to rebounds in some chemicals prices (eg, MEG, benzene,and SM) which had tumbled following the Lunar New Year holidays. We read therebounds as sign of restocking, heralding a gradual recovery in demand. Of two market concerns mentioned in our recent in-depth report—ie, massiveethylene production capacity expansions and destocking-led narrowing of productspreads—the latter should now dissipate. The high likelihood of OPEC extendingoutput cuts at a meeting on May 25 should keep investment sentiment towardchemical products strong. Naphtha cracking center (NCC) pure-plays LotteChemical and Korea Petrochemical (KPIC) remain our top picks.

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