Lotte Chemical Pakistan Limited (LOTCHEM): LOTCHEM 4QCY20 EPS Rs0.7, DPS Re0.75 – By Sherman Research

<ul><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">Lotte Chemical Pakistan Limited (LOTCHEM) announced 4QCY20 results today wherein it posted earnings of Rs1.1bn (EPS Re0.7) as compared to Rs0.8bn (EPS Rs0.5) in 4QCY19. This takes CY20 earnings to Rs2.1bn (EPS Rs1.4). We believe earnings exceeded our expectations on account of better volumetric sales.</span></li><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">LOTCHEM also announced cash dividend of Re0.75, slightly higher than our expectations.</span></li><li><span style="font-family:Arial, Helvetica, sans-serif;font-size:medium;">The company&rsquo;s net revenue declined by 7%YoY during 4QCY20 primarily on the back of lower international PTA prices (down 27%YoY).</span></li><li><span style="font-family:Arial, Helvetica, sans...