Alembic Global Advisors

Company Notes Archives

03/27/15    LyondellBasell   Company Note
LyondellBasell: Consensus overly pessimistic

03/13/15    Westlake Chemical   Company Note
Westlake Chemical – Low earnings bar; attractive valuation

03/09/15    Huntsman   Company Note
Huntsman: Piecing together the puzzle; reiterate O/W

03/02/15    Methanex   Company Note
Methanex: Stress testing our model; reiterate Overweight

02/23/15    DuPont   Company Note
DuPont: Trian Fund: Right issues; wrong solution

02/09/15    Tronox   Company Note
Tronox: Favorable FMC deal dynamics

02/02/15    Celanese   Company Note
Celanese: Lofty expectations; downgrading to Neutral

01/20/15    Axiall   Company Note
Axiall: Undemanding consensus at floor valuation levels

12/22/14      Industry Note
US Chemicals: Methanol demand fears overblown

12/15/14    Huntsman   Company Note
Huntsman: Significant near and medium-term upside

09/22/14    Westlake Chemical   Company Note
Westlake Chemical: More upside to come; raising TP

09/15/14    LyondellBasell   Company Note
LyondellBasell: Undemanding consensus despite revisions; raising TP

09/02/14    Axiall   Company Note
Axiall Corporation: Share price near floor levels

08/15/14    Tronox   Company Note
Tronox: Positively inflecting fundamentals; raising TP

08/11/14    Methanex   Company Note
Methanex: Significant earnings growth ahead

08/04/14    Dow Chemical   Company Note
Dow Chemical: Upside catalysts aplenty; rasing TP

07/21/14    Huntsman   Company Note
Huntsman: Doubling EBITDA in 2-3 years

06/30/14    LynodellBasell   Company Note
LyondellBasell – Rally supported by revisions; raising TP

06/23/14    OCI Partners LP   Company Initiation
OCI Partners LP: Significant upside and growth kickers; initiating at O/W

06/09/14    Westlake Chemical   Company Note
Westlake Chemical: Expecting positive revisions; raising target price

06/02/14    Methanex   Company Note
Methanex – Bearish inputs-bullish outputs; reiterating O/W

05/27/14    Axiall Corporation   Company Note
Axiall Corporation: Earnings should rev up from here

05/12/14      Industry Note
US Chemicals: Ample upside despite the run-up

04/28/14    Celanese   Company Note
Celanese: Near-term hump; longer-term bump in earnings

04/21/14    Tronox   Company Note
Tronox: NOL's and recovery underappreciated; raising TP

03/24/14    Methanex   Company Note
Methanex: The consensus conundrum

03/03/14    LyondellBasell   Company Note
LyondellBasell – Cautious consensus; raising target price

02/10/14    Dow Chemical   Company Note
Dow Chemical – Significant upside, limited downside

01/21/14    Methanex   Company Note
Methanex: Recent sell-off completely unwarranted

01/13/14    Westlake Chemical   Company Note
Westlake Chemical: Expecting big Q4'13 and 2014 beats; raising TP

12/09/13    LyondellBasell   Company Note
LyondellBasell: Undemanding 2014 estimates; raising target price

11/15/13    Celanese   Company Note
Celanese: Teed up to beat estimates; raising target price

10/21/13    Braskem   Company Note
Braskem: Explaining the moving parts; raising target price

10/07/13    Methanex   Company Note
Methanex: Growth still underappreciated; raising target price

09/30/13    Huntsman   Company Note
Huntsman: Upside catalysts aplenty; raising target price

09/03/13    Axiall Corporation   Company Note
Axiall Corporation: A value play?

08/16/13    Tronox   Company Note
Tronox: Cycling up; raising target price

08/12/13    Air Products   Company Note
Air Products: Ackman: Grand slam or infield single?

08/05/13    Dow Chemical   Company Note
Dow Chemical: Favorable risk/return

07/29/13    DuPont   Company Note
DuPont: Not seeing what Peltz may be seeing

07/01/13    Methanex   Company Note
Methanex: Supply/demand balances still misunderstood

06/17/13    Tronox   Company Note
Tronox: Bouncing along the bottom; upside ahead?

06/10/13    LyondellBasell   Company Note
LyondellBasell – Forecasting continued earnings beats

06/03/13    Westlake Chemical   Company Note
Westlake Chemical – Cautious consensus and catalysts, raising TP

05/28/13    Huntsman   Company Note
Huntsman: Undemanding consensus 2013 estimates

05/20/13    Axiall   Company Note
Axiall Corporation: Sell-off may be overdone

03/25/13    Methanex   Company Note
Methanex – Explaining the path to USD1bn; raising TP

03/18/13    Axiall Corporation   Company Note
Axiall Corporation – Near-term not as murky as most think

03/04/13    Westlake Chemical   Company Note
Westlake Chemical –The best is yet to come; raising TP

02/11/13    LyondellBasell   Company Note
LyondellBasell – Much more room to run; raising TP

02/04/13    Methanex   Company Note
Methanex: Stars beginning to align; reiterate Overweight

01/22/13    Georgia Gulf Corporation   Company Note
Georgia Gulf Corporation: The party has just begun; initiating at Overweight

12/17/12    Huntsman   Company Note
Huntsman: Favorable risk/return; raising target price

12/10/12    LyondellBasell   Company Note
LyondellBasell: Positive earnings and valuation revisions?

11/13/12    Tronox   Company Note
Tronox: Messy quarter; guidance cut

11/12/12    Methanex   Company Note
Methanex – Chinese demand and imports revving up

11/05/12    DuPont   Company Note
DuPont – Growth targets looking shaky; cutting estimates

09/24/12    Dow Chemical   Company Note
Dow Chemical – Distilling the opportunity

09/17/12    Methanex   Company Note
Methanex – Production growth not fully appreciated

09/04/12    LyondellBasell   Company Note
LyondellBasell: Positive revisions ahead; raising target price

08/27/12    Huntsman   Company Note
Huntsman: Positive on Pigments and Polyurethanes

08/20/12    Tronox   Company Note
Tronox – A “normal” perspective

08/13/12    Celanese   Company Note
Celanese – Acetic recovering; ethanol and methanol for free

08/06/12      Industry Note
US Chemicals – Where do we go from here?

07/16/12    Tronox   Company Note
Tronox – Overly penalized; reiterating Overweight rating

07/02/12    Westlake Chemical   Company Note
Westlake Chemical – Making the near and long-term case

05/29/12    Braskem   Company Note
Braskem – Near floor levels with positive prospects

03/16/12    Westlake Chemical   Company Note
Westlake Chemical – Substantial upside even without GGC

03/12/12    Celanese   Company Note
Celanese – Addressing the concerns

02/27/12    Tronox   Company Note
Tronox – A tale of two halves; raising target price

02/06/12    Methanex   Company Note
Methanex – Gaining earnings power; raising TP

01/23/12    Huntsman   Company Note
Huntsman – Favorable risk/reward; upgrade to Overweight

11/28/11    Tronox   Company Note
Tronox – Focus on the feedstock

11/14/11    Methanex   Company Note
Methanex – Multiple accretive options abound

11/07/11    LyondellBasell   Company Note
LYB – Conservative inputs, above consensus outputs

10/28/11    LyondellBasell   Company Note
LyondellBasell – Blowout Q3’11; “double umbrella” benefit

10/27/11    Methanex   Company Note
Methanex – In-line quarter despite lower production

10/27/11    Dow chemical   Company Note
Dow Chemical – Slight earnings miss but does it matter?

10/25/11    DuPont   Company Note
DuPont – Q3’11 beat, Q4’11 guide down

10/25/11    Celanese   Company Note
Celanese – Solid Q3’11 EPS beat; 2011 guidance raised

08/09/11    Tronox   Company Note
Tronox – Supply constrained earnings resilience

07/29/11    LyondellBasell   Company Note
LyondellBasell – Clean beat should allay investor concerns

07/28/11    DuPont   Company Note
DuPont – Earnings beat but volumes fail to impress

07/28/11    Methanex   Company Note
Methanex – Chillier in Chile; slight earnings miss

07/26/11    Solutia   Company Note
Solutia – Slight Q2’11 beat; FY2011 guidance maintained

07/25/11    Dow Chemical   Company Note
Dow Chemical – Strategically and financially sound JV

07/21/11    Celanese   Company Note
Celanese – Solid EPS beat and guidance raise

06/06/11    Celanese   Company Note
Celanese – Positive near and medium term trends

05/31/11      Industry Note
US Chemicals – Déjà vu all over again

05/16/11    LyondellBasell   Company Note
LyondellBasell – Earnings revving up; raising target price

05/03/11    Solutia   Company Note
Solutia – Q1’11 earnings beat; FY2011 guidance raised

05/03/11    Westlake Chemical   Company Note
Westlake Chemical – Another quarter another beat

05/02/11    LyondellBasell   Company Note
LyondellBasell – Another “blow-out” quarter

04/28/11    Methanex   Company Note
Methanex – EPS beat; Egypt and Medicine Hat running

04/28/11    Dow Chemical   Company Note
Dow Chemical – Big clean beat

04/18/11    NIC (Tasnee)   Company Initiation
Underappreciated titanium dioxide story; initiating at Overweight

03/21/11    Yansab   Company Initiation
Earnings revving up, upgrade to Overweight

03/14/11    LyondellBasell   Company Note
LyondellBasell – The best is yet to come; raising target price

02/18/11    LyondellBasell   Company Note
LyondellBasell – Fundamentals intact; buy on weakness

02/14/11    LyondellBasell   Company Note
LyondellBasell – Undemanding consensus estimates

02/03/11    Dow Chemical   Company Note
Dow Chemical – Broad based earnings beat

01/31/11    Celanese   Company Note
Celanese – An ethanol high

01/27/11    Methanex   Company Note
Methanex – A good set of numbers despite a headline miss

01/25/11    E. I. du Pont de Nemours   Company Note
DuPont – Broad based earnings improvement

01/18/11    Dow Chemical   Company Note
Dow Chemical – Undervalued despite the run-up; raising TP

11/11/10    Solutia   Company Note
Solutia – Analyst day reaffirms the case for a re-rating

11/10/10    Industry Qatar   Company Note
Industries Qatar- Catch‐Up Has Just begun, Raising TP

11/08/10    Methanex   Company Note
Methanex – A methanol high; raising target price

10/29/10    LyondellBasell   Company Note
LyondellBasell – Another “blow-out” quarter

10/28/10    Dow Chemical   Company Note
Dow Chemical – Back on track

10/28/10    Methanex   Company Note
Methanex – In-line quarter; earnings momentum evolving

10/28/10    Solutia   Company Note
Solutia – Q3’10 earnings beat; raising target price

10/26/10    Celanese   Company Note
Celanese – Volume driven Q3 beat

10/20/10    Yansab   Company Note
Yansab - Pricing in Perfection

10/18/10    LyondellBasell   Company Note
LyondellBasell – Earnings strength to continue, raising TP

10/13/10    Advanced Petrochemical Company   Company Note
Advanced Petrochemical Company - Staying Away from the Herd

10/11/10      Industry Note
Expecting another solid quarter

10/04/10    Celanese   Company Note
Celanese – Alleviating acetyl, Asia and auto alarms

09/20/10    Methanex   Company Note
Methanex – Primed for a 2011 earnings take off

09/20/10    Methanex   Company Note
Methanex – Primed for a 2011 earnings take off

09/07/10      Industry Note
US Chemicals – Pension pressures in 2011?

08/25/10    LyondellBasell - Please call Stephen Matthews for full note, 1 212 359 8292   
LyondellBasell - Positive catalysts abound

08/16/10    LyondelBasell - Please call Stephen Matthews, 1 212 359 8292 for full note   Company Note
LyondellBasell – “Blow-out” results highlight up-cycle leverage

08/10/10    Solutia   Company Note
Solutia – Underappreciated and undervalued

08/10/10    Braskem S.A.   Company Note
Braskem – Margin expansion and lower debt levels in Q2’10

08/05/10    Huntsman   Company Note
Huntsman – Broad based margin and volume strength

08/04/10    Industries Qatar   Company Note
Industries Qatar – “Buoyant” steel leads to earnings beat

08/03/10    Westlake Chemical   Company Note
Westlake Chemical – Olefins cost advantage coming through

08/03/10    Dow Chemical   Company Note
Dow Chemical – Outage driven earnings miss

08/02/10    Industries Qatar   Company Note
Industries Qatar – Tepid budget and business plan

07/29/10    Methanex   Company Note
Methanex - Outage driven earnings decline

07/29/10    Celanese   Company Note
Celanese - Volume driven Q2 beat

07/27/10    DuPont   Company Note
DuPont - Broad based earnings improvement

07/27/10    Solutia   Company Note
Solutia - Reiterated EBITDA guidance still above consensus

07/06/10    SABIC   Company Note
SABIC - Expecting another strong quarter

06/15/10    Methanex   Company Note
Methanex - Undervalued even at floor prices

06/01/10    LyondellBasell - Please call Stephen Matthews for access to full note, 1 212 359 8292   Company Initiation
LyondellBasell Up-Cycle leverage at near trough valuations

06/01/10    LyondellBassell   Company Initiation
Up-Cycle leverage at near trough valuations

05/12/10    Solutia   Company Initiation
Solutia - Re-rating with a recover kicker, initiating at Overweight

05/03/10    SABIC and Industries Qatar   Company Note
Middle Eastern Chemicals

04/28/10    Dow Chemical Company   Company Note
Dow Chemical - Popping plastics; performance performing

04/27/10    E. I. du Pont de Nemours   Company Note
DuPont – Auto and housing leverage; raising TP to USD45

04/27/10    Celanese   Company Note
Celanese - Volume driven Q1 beat

04/13/10    Industries Qatar   Company Note
Industries Qatar – Addressing the concerns

04/05/10    Methanex   Company Note
Methanex - Highly cash generative even at "floor" prices

03/29/10    Dow Chemical   Company Note
Dow Chemical - History suggests Dow is undervalued

03/17/10    SAFCO   Company Note
SAFCO - Raising Target Price

03/15/10    Saudi Basic Industries (SABIC)   Company Note
SABIC - Stage set for a monster Q1: reit O/W

03/10/10    Advanced Petrochemical Company   Company Initiation
Advanced Petrochemical Company - Initiating at Neutral

03/08/10    Dow Chemical   Company Note
Hypothesizing a Dow - Reliance alliance

03/03/10    Braskem   Company Note
Braskem - Strong profitability

03/01/10    Industries Qatar   Company Note
Industries Qatar - The market is forward looking (we think!)

02/23/10    Westlake Chemical   Company Note
Westlake Chemical - In-line Q4'09 results

02/22/10    Industrial Gases   Company Initiation
Industrial Gases - Dense gases rising

02/19/10    Huntsman   Company Note
HUN - Broad based recovery Q4 beat

02/11/10    Westlake Chemical Corporation   Company Initiation
Westlake Chemical - Chain divergence

02/09/10    Celanese   Company Note
Celanese - Nice beat on acetyl strength

02/08/10    Industries Qatar   Company Note
Industries Qatar - Fundamentally misunderstood

02/04/10    Huntsman   Company Initiation
Huntsman - Recovery mostly priced in

02/02/10    Dow Chemical   Company Note
Dow Chemical - Earnings beat

02/01/10    Celanese   Company Initiation
Celanese: The model and molecule

01/28/10    Methanex   Company Note
Methanex - Slight earnings miss

01/26/10    DuPont   Company Note
DuPont - Volume driven earnings beat

01/25/10    DuPont   Company Initiation
DuPont - Awaiting an entry point

01/19/10    SABIC   Company Note
SABIC - Large earnings beat

01/19/10    Yanbu National Petrochemical Company   Company Initiation
Yansab - Unexciting valuation

01/14/10    Industries Qatar   Company Note
IQCD – Cracking the gas price formula

01/14/10    Saudi Arabian Fertilizer Company (SAFCO)   Company Initiation
SAFCO - Improving fundamentals

01/12/10    Saudi Kayan   Company Initiation
Saudi Kayan - Mediocre Economics

01/06/10    Methanex   Company Initiation
Methanex – The best is yet to come

12/16/09    Saudi Basic Industries Corporation   Company Initiation
SABIC – Cautious consensus

12/16/09    Industries Qatar   Company Initiation
Industries Qatar – More room to run

12/16/09    Braskem S.A.   Company Initiation
Braskem – consolidation kudos

12/16/09    Dow Chemical Company   Company Initiation
Dow Chemical – Still a value play

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