Insight Provider, CrossASEAN Research

Nicolas Van Broekhoven

Insight Provider

Value-focused bottom-up Asian equity research

NVB Asia Pte Ltd

Thematic (Sector/Industry)

<ul><li>Last week I spent two days in Dongguan (Guangdong province)</li><li>Visited factories of both <a href="https://www.smartkarma.com/entities/528" target="_blank" data-smartkarma-citation="entities:528:1">Nine Dragons Paper Holdings (2689 HK)</a> and <a href="https://www.smartkarma.com/entities/529" target="_blank" data-smartkarma-citation="entities:529:1">Lee &amp; Man Paper Manufacturing Ltd (2314 HK)</a></li><li>According to China Paper Association 2016 annual report there are 2,757 pulp &amp; paper companies in China</li><li>Sector is heavily polluting and sector leaders such as Nine Dragons and Lee &amp; Man Paper are helped by government crackdown on environmental offenders</li><li>Both companies should continue to win market share and have increased bargaining power</li><li>ASP is rising; helping profits rebound substantially</li><li>Both companies trade below 9x 2017 PE</li></ul>

Last week I spent two days in Dongguan (Guangdong province)Visited factories of both Nine Dragons Paper Holdings (2689 HK) and Lee &amp; Man Paper Manufacturing Ltd (2314 HK)According to China Paper Association 2016 annual report there are 2,757 pulp &amp; paper companies in ChinaSector is heavily polluting and sector leaders such as Nine Dragons and Lee &amp; Man Paper are helped by government crackdown on environmental offendersBoth companies should continue to win market share and have increased bargaining powerASP is rising; helping profits rebound substantiallyBoth companies trade below 9x 2017 PE

China Pulp & Paper: Factory Visits in Dongguan at Nine Dragons (2689 HK) And Lee Man Paper (2314 HK)

Austria

ANDRITZ AG is a supplier of plants, equipment, and services for hydropower stations. The Company serves the pulp and paper industry, the metalworking and steel industries, and solid/liquid separation in the municipal and industrial sectors. ANDRITZ operates worldwide, with headquarters in Graz, Austria.

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ANDRITZ AG (ANDR AV)

China Pulp & Paper: Factory Visits in Dongguan at Nine Dragons (2689 HK) And Lee Man Paper (2314 HK)

Last week I spent two days in Dongguan (Guangdong province) Visited factories of both Nine Dragons Paper Holdings (2689 HK) and Lee & Man...

Nicolas Van Broekhoven

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)