Why War Doesn’t Immediately Boost Kelington???

Typical market reaction to war:

Phase 1 (already happened)
-Oil & gas upstream
-LNG / crude oil

Phase 2 (Happening!!!!)
-Petrochemicals (like PCHEM)

***Petronas Chemicals (PCHEM)***
• Upstream: natural gas feedstock
• Downstream: fertilizers, methanol, polymers
• Direct exposure to:
-Oil prices
-Gas prices

Key idea:
It’s a “commodity producer”
-A classic cyclical / commodity stock

Phase 3 (not yet)
-Industrial gas / hydrogen / carbon capture


***The REAL market structure now (very important)***
Think like this:
Stage Theme:

1)
Oil & Gas
✅ already played (volatile)

2)
Petrochemical
⚠️ selective

3)
Industrial Gas (Kelington)
❌ not started

4)
Hydrogen / CCS
❌ still story