- China Sunsine Chemical (SGX:QES)’s 3Q23 net profit of RMB65m (-49% q-o-q/ y-o-y) was below our expectations, with 9M23 net profit forming 64% of our FY23F forecast. The miss was likely due to a weaker-than-expected gross profit margin (undisclosed), which we estimate at 19% (-8% points y-o-y), as intense industry competition weighed on profitability.
- - Read this at SGinvestors.io -
ASP uptick could point to slight q-o-q improvement in 4Q23F spread
- According to commodity information service provider sci99.com, rubber accelerator prices rose strongly in September/October, with average prices rising 17%/18% (vs. end-August prices), before tapering in November.
- - Read this at SGinvestors.io -
FY24F: healthy volume growth, competition to remain intense
- Read more at SGinvestors.io.
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 2023-11-16
Previous report by CGS-CIMB:
2023-09-21 China Sunsine Chemical - Strong ASPs Could Point To A Better 2H23.
Price targets by other brokers at China Sunsine Target Prices.
Listing of research reports at China Sunsine Analyst Reports.
Relevant links:
China Sunsine Share Price History,
China Sunsine Announcements,
China Sunsine Dividends & Corporate Actions,
China Sunsine News Articles
