Key Points Forecasting relatively flat q-o-q margins in Q3’24 for the MENA group; we anticipate mostly inline to below consensus EPS in the quarter Overall, we believe consensus may be demanding for...
Key Points Slowing demand on the back of a weak housing and construction end-market had put downward pressure on PVC prices and margins See global demand growth outstripping global supply growth in...
Key Points History suggests that demand- and profitability-plagued periods, like 2022/2023, were followed by rapid margin and volume gains. The EU imposing anti-dumping duties on Chinese TiO2 could be the source of...
Key Points Debt and Louisiana project IRR concerns overblown, in our view. Underperformance relative to Linde excessive and unjustified Earnings and valuation accretion from growth projects underappreciated We rate APD shares Overweight with...
Key Points Q2'24 EPS and EBITDA miss; slower than expected q-o-q volume recovery Management's Q3’24 guidance below consensus We rate Dow Inc. shares Neutral, with a 12-month target price of USD60 per share Summary Dow...
Key Points Forecasting relatively flat q-o-q margins in Q2’24 for the MENA group; we anticipate mostly in line to below consensus EPS in the quarter Overall, we believe consensus may be demanding...
Key Points Widening delta between U.S. and Asian prices, relatively tepid demand, bloated Chinese inventories, and slack supply/demand point to near-term polyethylene price and margin headwinds Higher Brent crude oil prices and...
Key Points Periods of extreme MDI demand weakness, similar to the last two years, typically followed by strong demand rebounds Project delays and planned/unplanned outages could serve as margin tailwinds for the...