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

KGI Securities

We are a pioneer Securities & Derivatives, Trading and Clearing Member of Singapore Exchange as well as a pioneer member of ICE Futures Singapore & ICE Clear Singapore. We offer our valued clients round the clock (24 hour) single-touch point for multi-asset clients and 24 hour high-touch desk for global products.

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only.  Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

External broker reports(aggregated public sources)

Equity Bottom-Up

China Sunsine Chemical Holdings Ltd / Equity Bottom-Up

China Sunsine Chemical Holdings Ltd (CSSC SP)

<p></p><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 <strong>OUTPERFORM</strong> 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"><em>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.</em></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