Jiutian Chemical Group - A High-Octane Performance
JIUTIAN CHEMICAL GROUP LIMITED (SGX:C8R)
- Jiutian Chemical (SGX:C8R) posted a record core net profit of RMB430m (+148% y-o-y) in FY21, above our expectations on stronger-than-expected DMF (dimethylformamide) and MA (methylamine) ASPs.
- DMF prices have continued their uptrend year-to-date to reach RMB16k/ton in Feb 2022; we expect prices to remain elevated in 1H22F.
- We expect S$0.011 dividend for FY22F (13% yield), front-loaded with May’s 1Q22 results announcement. Jiutian Chemical (SGX:C8R)'s FY21 net cash of RMB694m forms ~90% of its current market cap.
- Reiterate ADD and target price of S$0.15, still pegged to 5.7x CY23F P/E (a 20% discount to SGX-listed peer China Sunsine (SGX:QES)).
Above is the excerpt from research report by CGS-CIMB.
Clients of CGS-CIMB may access the full report in PDF @ https://www.itradecimb.com.sg/.
Kenneth TAN CGS-CIMB Research | ONG Khang Chuen CFA CGS-CIMB Research | https://www.cgs-cimb.com 2022-02-28
SGX Stock
Analyst Report
0.150
SAME
0.150
Previous report by CGS-CIMB:
2022-01-19 Jiutian Chemical - 4Q21F Likely A Blowout Quarter
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