China Sunsine Chemical - UOB Kay Hian 2025-11-21: 3Q25 Earnings In Line; Dividend Policy Sparks Re-rating

• China Sunsine Chemical (SGX:QES)’s 9M25 revenue of RMB2,435m (-7% y-o-y) and earnings of RMB330m (+17% y-o-y) are in line with our expectations, forming 70% and 76% of our full-year forecasts respectively.
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New dividend policy signals confidence.

• Management introduced a formal dividend policy committing to a minimum 40% payout of core net profit for 2025-26, paid semi-annually. This exceeds the group’s historical high dividend payout ratio of 36% in 2024, signalling management’s strengthened confidence in earnings visibility. This is supported by its strong net cash position of RMB2,234m (approximately S$410m or S$0.43/share) as at 30 Jun 25.

Firm demand backdrop.

• - Read this at SGinvestors.io -
• As Sunsine supplies over 75% of the world’s top 75 tyre makers, this provides a solid foundation for firm demand across accelerators, insoluble sulphur and anti-oxidants.

Capacity expansion on track.

• Read more at SGinvestors.io.

Above is an excerpt from a report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full PDF report @ https://www.utrade.com.sg/.

Previous report by UOB:
2025-05-28 China Sunsine Chemical - Holding Steady Amid Pricing Pressure.

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 Dividend Payout Dates & Corporate Actions,
China Sunsine News