External broker reports(aggregated public sources), KGI Securities Singapore

KGI Securities

External broker reports(aggregated public sources)

Equity Bottom-Up

China Sunsine Chemical / Equity Bottom-Up

<ul><li>Sunsine’s improving profit margins were in line with the buoyant rubber chemicals sector.</li><li>Average selling price (ASP) could fall in 2H21 as macro conditions will not be as favourable as in 1H21. </li><li>Capacity ramp-up in insoluble sulphur and anti-oxidant with a respective 30,000 tonnes each will offset the selling price correction.</li><li>We maintain OUTPERFORM with an unchanged TP of $0.68 as we expect the increase in sales volume in FY22 and FY23 to offset the downswing in ASPs.</li></ul><div class="content-highlight">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.</div>

Sunsine’s improving profit margins were in line with the buoyant rubber chemicals sector.Average selling price (ASP) could fall in 2H21 as macro conditions will not be as favourable as in 1H21. Capacity ramp-up in insoluble sulphur and anti-oxidant with a respective 30,000 tonnes each will offset the selling price correction.We maintain OUTPERFORM with an unchanged TP of $0.68 as we expect the increase in sales volume in FY22 and FY23 to offset the downswing in ASPs.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.

China Sunsine Chemicals (CSSC SP): Strong fundamentals to buffer upcoming price tailwinds

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Nanofilm Technologies International / Equity Bottom-Up

Nanofilm Technologies International (NANO SP)

Founded in 1999 as a high-tech spin-off from the Nanyang Technological University Singapore (ranked #13th in QS Global World University Rankings 2021 – 6th year in a row) by Dr. Shi Xu, NanoFilm Technologies International Pte Ltd (NTI) offers coating solutions that provide functional and/or aesthetic improvements to its customers’ end-products.Its share price has a nice rally post IPO and left investors to wonder whether there will be anything left. There are many reasons why investors should be excited about <a href="https://www.smartkarma.com/entities/nanofilm-technologies-international" target="_blank" data-smartkarma-citation="entities:29700:1" rel="noopener">Nanofilm (NANO SP)</a> namely 1) blue-chip customers' stickiness in the tech sector including Microsoft as well as 2) the expanding Total Addressable Market for its coating business that will include EV sectors and 3) this could be an ESG stock from Environmental angle due to its exposure in EV that will mean less CO2 emission. I am still bullish on this.

Founded in 1999 as a high-tech spin-off from the Nanyang Technological University Singapore (ranked #13th in QS Global World University Rankings 2021 – 6th year in a row) by Dr. Shi Xu, NanoFilm Technologies International Pte Ltd (NTI) offers coating solutions that provide functional and/or aesthetic improvements to its customers’ end-products.Its share price has a nice rally post IPO and left investors to wonder whether there will be anything left. There are many reasons why investors should be excited about Nanofilm (NANO SP) namely 1) blue-chip customers' stickiness in the tech sector including Microsoft as well as 2) the expanding Total Addressable Market for its coating business that will include EV sectors and 3) this could be an ESG stock from Environmental angle due to its exposure in EV that will mean less CO2 emission. I am still bullish on this. 

Nanofilm (NANO): Don't Sell Yet, More to Come

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

We pick stocks. We construct portfolios. All our effort is focused on how to better pick stocks and construct portfolios. We serve fund management companies, family offices, and high net worth individuals.

<ul><li>Sales on an upcycle trend, solid short-term sales momentum, and cheap on a core profit basis relative to its sector</li><li>CSSC is ranked no. 1 in the world for production of rubber accelerator chemicals; current favorable pricing environment supports profit margin</li><li>Ongoing capacity expansion, thanks to firm demand from the Chinese auto sector, is boosting growth</li><li>Current price-to-earnings looks undemanding and the company has a solid net-cash position</li><li>Risk: Unanticipated price weakness in chemicals</li></ul>* Consensus Estimates

Sales on an upcycle trend, solid short-term sales momentum, and cheap on a core profit basis relative to its sectorCSSC is ranked no. 1 in the world for production of rubber accelerator chemicals; current favorable pricing environment supports profit marginOngoing capacity expansion, thanks to firm demand from the Chinese auto sector, is boosting growthCurrent price-to-earnings looks undemanding and the company has a solid net-cash positionRisk: Unanticipated price weakness in chemicals* Consensus Estimates

CSSC: Supplying the World’s Top Tire Makers

Singapore

China Sunsine Chemical Holdings is a leading specialty chemical producer, manufacturing rubber accelerators, insoluble sulfur, and antioxidants for the tire and rubber product industries. The company also operates in heating power production and waste treatment. It was incorporated in 2006 and is headquartered in Singapore.

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China Sunsine Chemical (CSSC SP)

China Sunsine Chemicals (CSSC SP): Strong fundamentals to buffer upcoming price tailwinds

Sunsine’s improving profit margins were in line with the buoyant rubber chemicals sector. Average selling price (ASP) could fall in 2H21 as macro...

KGI Securities

Nanofilm (NANO): Don't Sell Yet, More to Come

Many reasons investors should be excited about Nanofilm: customers' stickiness in the tech sector as well as expanding Total Addressable Market for...

Henry Soediarko

CSSC: Supplying the World’s Top Tire Makers

Sales on an upcycle trend, solid short-term sales momentum, and cheap on a core profit basis relative to its sector CSSC is ranked no. 1 in the...

A. Stotz Investment Research

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