External broker reports(aggregated public sources), International Securities

International Securities

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External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>Borouge reported 1Q24 attributable profit of USD271mn, up 37% YoY but down 5% QoQ</li><li>The results were higher than our and consensus estimates mainly led by higher than anticipated Polyethylene (PE) and Polypropylene (PP) prices as well as sharp recovery in product premiums which jumped 19% and 46% QoQ, respectively</li><li>The company posted gross margins of 44%, highest since 2Q22, despite lower utilization in 1Q24 owing to planned plant turnaround which had a volume impact of 170k tons</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Borouge reported 1Q24 attributable profit of USD271mn, up 37% YoY but down 5% QoQThe results were higher than our and consensus estimates mainly led by higher than anticipated Polyethylene (PE) and Polypropylene (PP) prices as well as sharp recovery in product premiums which jumped 19% and 46% QoQ, respectivelyThe company posted gross margins of 44%, highest since 2Q22, despite lower utilization in 1Q24 owing to planned plant turnaround which had a volume impact of 170k tonsContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Borouge: 1Q24 Attributable Profit up 37% YoY (-5% QoQ) To USD271mn, Higher than Estimates