China Sunsine Chemical - CGS-CIMB Research 2023-09-21: Strong ASPs Could Point To A Better 2H23

• China Sunsine Chemical (SGX:QES) hosted a site visit to its chemical plants on 19 Sep 23, where we saw its new production lines for insoluble sulphur (IS), mercaptobenzothiazole (MBT), and trimethyl dihydroquinoline (TMQ) antioxidant.
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  • For its automated MBT production line, key machinery has already been installed and undergoing testing, with commercial production likely to start early-2024F, according to management.
• Sunsine expects to realise ~Rmb30m in annual cost savings with the full ramp-up of the MBT line. Management said Sunsine’s Aug-Sep 23 sales volumes were strong due to increased downstream production, while exports remained healthy on good demand from Indonesia, Vietnam, and Thailand.
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Accelerator ASPs rose strongly in Sep 23

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Kenneth TAN CGS-CIMB Research | ONG Khang Chuen CFA CGS-CIMB Research | https://www.cgs-cimb.com 2023-09-21 SGinvestors.io

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