Petronas Chemical IPO

OK, lots of things has been said about Petronas Chemical IPO, so I only talk about 3 key points here:

i) Stock Code is 5183, Stock Short Name is PCHEM


ii) Target Price:
OSK Research says RM5.51
Affin Securities says RM5.70
JF Apex Securities says RM5.70

iii) My View:
From the prospectus, Net Income actually declined in the last 3 financial years.
Net Income: FY2008: RM4629m, FY2009: RM3449m and FY2010:2594m
Relatively high dividend payout ratio of around 50% shows that there might be minimal growth in the future.
Nevertheless, the flush of liquidity from foreigners should keep the momentum of the stock.