{"id":91983,"date":"2026-07-03T17:50:53","date_gmt":"2026-07-03T09:50:53","guid":{"rendered":"https:\/\/www.kgieworld.sg\/research\/?p=91983"},"modified":"2026-07-06T10:40:10","modified_gmt":"2026-07-06T02:40:10","slug":"company-report-china-sunsine-chemical-hlds-ltd-cssc-sp-cssc-si","status":"publish","type":"post","link":"https:\/\/www.kgieworld.sg\/research\/company-report-china-sunsine-chemical-hlds-ltd-cssc-sp-cssc-si\/","title":{"rendered":"Company Report: China Sunsine Chemical Hlds Ltd (CSSC SP \/ CSSC.SI)"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"91983\" class=\"elementor elementor-91983\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-31b87139 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"31b87139\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-5ea0fa5e\" data-id=\"5ea0fa5e\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-cd30da7 elementor-widget elementor-widget-heading\" data-id=\"cd30da7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\">COMPANY REPORT<\/h6>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5fa20e87 elementor-widget elementor-widget-heading\" data-id=\"5fa20e87\" data-element_type=\"widget\" data-e-type=\"widget\" id=\"top\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\">Company Report: China Sunsine Chemical Hlds Ltd (CSSC SP \/ CSSC.SI)<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-17345a2a elementor-widget elementor-widget-text-editor\" data-id=\"17345a2a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p style=\"font-family: Montserrat; font-size: 13px; font-weight: 600; background: #e8f4ff; padding: 12px 18px; border-radius: 0px; margin-top: 16px;\"><span style=\"color: #15a4ff;\"><a href=\"#about\">ABOUT COMPANY<\/a><\/span> \u00a0|\u00a0 <span style=\"color: #15a4ff;\"><a href=\"#highlights\">INVESTMENT HIGHLIGHTS<\/a><\/span> \u00a0|\u00a0 <span style=\"color: #15a4ff;\"><a href=\"#valuationrisks\">VALUATION &amp; ACTION<\/a><\/span> \u00a0|\u00a0 <span style=\"color: #15a4ff;\"><a href=\"#valuationrisks\">RISKS<\/a><\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-c02850d e-flex e-con-boxed e-con e-parent\" data-id=\"c02850d\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-43f5970 elementor-widget elementor-widget-heading\" data-id=\"43f5970\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Publication Date:<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a314826 elementor-widget elementor-widget-text-editor\" data-id=\"a314826\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t03 Jul 2026\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t<div class=\"elementor-element elementor-element-898340e e-flex e-con-boxed e-con e-parent\" data-id=\"898340e\" data-element_type=\"container\" data-e-type=\"container\" id=\"about\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-18cf3230 e-con-full animated-slow e-flex elementor-invisible e-con e-child\" data-id=\"18cf3230\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;animation&quot;:&quot;fadeInUp&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-ef3b89a elementor-widget__width-inherit elementor-widget elementor-widget-heading\" data-id=\"ef3b89a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\">OUTPERFORM<\/h6>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4a0254c7 elementor-widget elementor-widget-text-editor\" data-id=\"4a0254c7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<div style=\"padding: 20px 24px 0;\"><p style=\"font-family: Montserrat; font-weight: 600; letter-spacing: 2px; text-transform: uppercase; margin: 0px 0px 8px; font-size: 13px; color: #9b9b9b;\">CSSC SP \/ CSSC.SI<\/p><h3 style=\"font-family: Montserrat; font-size: 25px; font-weight: 600; color: #0d2a5e; margin: 0 0 14px;\">China Sunsine Chemical Hlds Ltd<\/h3><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-49b1edaa e-con-full e-flex e-con e-child\" data-id=\"49b1edaa\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-73ff9bf1 e-con-full e-flex e-con e-child\" data-id=\"73ff9bf1\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-3e25570d elementor-widget elementor-widget-text-editor\" data-id=\"3e25570d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p style=\"font-family: Montserrat; font-size: 16px; font-weight: 500; font-style: italic; color: #0d2a5e; line-height: 1.6; margin: 0;\">Tyre-chain scale leader with volume resilience and FY26 spread upside<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5449b885 elementor-widget elementor-widget-text-editor\" data-id=\"5449b885\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<div style=\"padding: 0 24px;\"><span style=\"color: #9b9b9b; font-family: Montserrat; font-size: 13px; font-weight: 600; letter-spacing: 2px; text-transform: uppercase;\">INDUSTRY<\/span><\/div><div style=\"padding: 16px 24px 0;\"><p style=\"font-family: Montserrat; font-size: 17px; font-weight: 500; color: #0d2a5e; margin: 0;\">Materials<\/p><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1f9a0d09 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"1f9a0d09\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-7dc370dd e-con-full e-flex e-con e-child\" data-id=\"7dc370dd\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-20d35ca1 e-con-full e-flex e-con e-child\" data-id=\"20d35ca1\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-620828c elementor-widget elementor-widget-heading\" data-id=\"620828c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\">LAST CLOSE (S$)<\/h6>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c9c11d2 elementor-widget elementor-widget-counter\" data-id=\"c9c11d2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"counter.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-counter\">\n\t\t\t\t\t\t<div class=\"elementor-counter-number-wrapper\">\n\t\t\t\t<span class=\"elementor-counter-number-prefix\">$<\/span>\n\t\t\t\t<span class=\"elementor-counter-number\" data-duration=\"2000\" data-to-value=\"0.675\" data-from-value=\"0\" data-delimiter=\",\">0<\/span>\n\t\t\t\t<span class=\"elementor-counter-number-suffix\"><\/span>\n\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-80ed373 e-con-full e-flex e-con e-child\" data-id=\"80ed373\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-458ef133 elementor-widget elementor-widget-heading\" data-id=\"458ef133\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\">12M TARGET PRICE (S$)<\/h6>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-ab5a3cb elementor-widget elementor-widget-counter\" data-id=\"ab5a3cb\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"counter.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-counter\">\n\t\t\t\t\t\t<div class=\"elementor-counter-number-wrapper\">\n\t\t\t\t<span class=\"elementor-counter-number-prefix\">$<\/span>\n\t\t\t\t<span class=\"elementor-counter-number\" data-duration=\"2000\" data-to-value=\"1.145\" data-from-value=\"0\" data-delimiter=\",\">0<\/span>\n\t\t\t\t<span class=\"elementor-counter-number-suffix\"><\/span>\n\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-54b16a2b e-con-full e-flex e-con e-child\" data-id=\"54b16a2b\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-134c63e1 elementor-widget elementor-widget-heading\" data-id=\"134c63e1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\">UPSIDE \/ (DOWNSIDE) (%)<\/h6>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-80c0711 elementor-widget elementor-widget-counter\" data-id=\"80c0711\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"counter.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-counter\">\n\t\t\t\t\t\t<div class=\"elementor-counter-number-wrapper\">\n\t\t\t\t<span class=\"elementor-counter-number-prefix\">+<\/span>\n\t\t\t\t<span class=\"elementor-counter-number\" data-duration=\"2000\" data-to-value=\"69.6\" data-from-value=\"0\" data-delimiter=\",\">0<\/span>\n\t\t\t\t<span class=\"elementor-counter-number-suffix\">%<\/span>\n\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-3a53bd64 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"3a53bd64\" data-element_type=\"section\" data-e-type=\"section\" id=\"highlights\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-59349e5d\" data-id=\"59349e5d\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1a99f18f elementor-invisible elementor-widget elementor-widget-heading\" data-id=\"1a99f18f\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeInUp&quot;}\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Investment Highlights<\/h2>\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t<div class=\"elementor-element elementor-element-38964eee e-flex e-con-boxed e-con e-parent\" data-id=\"38964eee\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-3997ec42 e-con-full animated-slow e-flex elementor-invisible e-con e-child\" data-id=\"3997ec42\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;animation&quot;:&quot;fadeInLeft&quot;}\">\n\t\t<div class=\"elementor-element elementor-element-7d9da287 e-con-full e-flex e-con e-child\" data-id=\"7d9da287\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-f97e400 elementor-widget elementor-widget-heading\" data-id=\"f97e400\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\">INVESTMENT HIGHLIGHT #1<\/h6>\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-2256cc6 e-con-full e-flex e-con e-child\" data-id=\"2256cc6\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-41b337de elementor-widget elementor-widget-heading\" data-id=\"41b337de\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Embedded in a mission-critical tyre input chain.<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-306b0e0 elementor-widget elementor-widget-text-editor\" data-id=\"306b0e0\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p style=\"font-family: Montserrat; font-size: 14px; color: #fffff; line-height: 1.7; margin: 0;\">Sunsine supplies accelerators, insoluble sulphur and anti-oxidants used in compounding and vulcanisation. Rubber chemicals are a small share of tyre cost, but they affect cure speed, durability and production reliability; qualified suppliers therefore have stronger retention than a generic commodity label implies.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-76efbdef e-con-full animated-slow e-flex elementor-invisible e-con e-child\" data-id=\"76efbdef\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;animation&quot;:&quot;fadeIn&quot;}\">\n\t\t<div class=\"elementor-element elementor-element-2752bb9 e-con-full e-flex e-con e-child\" data-id=\"2752bb9\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-1aa04812 elementor-widget elementor-widget-heading\" data-id=\"1aa04812\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\">INVESTMENT HIGHLIGHT #2<\/h6>\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-8e4595c e-con-full e-flex e-con e-child\" data-id=\"8e4595c\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-02bc3ff elementor-widget elementor-widget-heading\" data-id=\"02bc3ff\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Scale and compliance support share gains through the cycle. <\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3b07a8a9 elementor-widget elementor-widget-text-editor\" data-id=\"3b07a8a9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p style=\"font-family: Montserrat; font-size: 14px; color: #ffffff; line-height: 1.7; margin: 0;\">Sunsine is world\u2019s No. 1 global rubber accelerator producer and operates with 254kt of finished annual capacity at end-FY25. We expect capacity to rise to 272kt in FY26E, supporting volume-led growth as weaker producers face utilisation, environmental and working-capital pressure.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-2d6ed505 e-con-full animated-slow e-flex elementor-invisible e-con e-child\" data-id=\"2d6ed505\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;animation&quot;:&quot;fadeInRight&quot;}\">\n\t\t<div class=\"elementor-element elementor-element-1ea6f91b e-con-full e-flex e-con e-child\" data-id=\"1ea6f91b\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-2eb43ec5 elementor-widget elementor-widget-heading\" data-id=\"2eb43ec5\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\">INVESTMENT HIGHLIGHT #3<\/h6>\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-63967fd e-con-full e-flex e-con e-child\" data-id=\"63967fd\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-3d50719 elementor-widget elementor-widget-heading\" data-id=\"3d50719\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">FY26E spread recovery, not permanent supernormal pricing. <\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6add1f6f elementor-widget elementor-widget-text-editor\" data-id=\"6add1f6f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p style=\"font-family: Montserrat; font-size: 14px; color: #ffffff; line-height: 1.7; margin: 0;\">The Yanggu outage and sulphur tightness should improve Sunsine\u2019s bargaining position, especially in insoluble sulphur. Our model still assumes only moderate blended ASP uplift and FY27E-FY30E margin normalisation, keeping the earnings case grounded.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-7cf2d13 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"7cf2d13\" data-element_type=\"section\" data-e-type=\"section\" id=\"valuationrisks\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-682abb32\" data-id=\"682abb32\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-4316a0ca elementor-invisible elementor-widget elementor-widget-heading\" data-id=\"4316a0ca\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeInUp&quot;}\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Valuation and Risks<\/h2>\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t<div class=\"elementor-element elementor-element-38956962 e-flex e-con-boxed e-con e-parent\" data-id=\"38956962\" data-element_type=\"container\" data-e-type=\"container\" id=\"valuationrisks\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-31bc83e0 e-con-full animated-slow e-flex elementor-invisible e-con e-child\" data-id=\"31bc83e0\" data-element_type=\"container\" data-e-type=\"container\" id=\"valuation\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;animation&quot;:&quot;fadeInLeft&quot;}\">\n\t\t<div class=\"elementor-element elementor-element-52389624 e-con-full e-flex e-con e-child\" data-id=\"52389624\" data-element_type=\"container\" data-e-type=\"container\" id=\"valuation\">\n\t\t\t\t<div class=\"elementor-element elementor-element-6b701c53 elementor-widget elementor-widget-heading\" data-id=\"6b701c53\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\">VALUATION &amp; ACTION<\/h6>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-41f3f47a elementor-widget elementor-widget-heading\" data-id=\"41f3f47a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Outperform Valuation<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-17fc426 elementor-widget elementor-widget-text-editor\" data-id=\"17fc426\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>We initiate coverage on China Sunsine Chemical Holdings Ltd. with an <strong>OUTPERFORM<\/strong> rating and a 12-month target price of <strong>S$1.145<\/strong>, based on a DCF using 12.0% WACC and 2.0% terminal growth. Our target price implies 69.6%upside from S$0.675.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-127a5977 e-con-full animated-slow e-flex elementor-invisible e-con e-child\" data-id=\"127a5977\" data-element_type=\"container\" data-e-type=\"container\" id=\"risks\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;,&quot;animation&quot;:&quot;fadeInRight&quot;}\">\n\t\t<div class=\"elementor-element elementor-element-5fe09945 e-con-full e-flex e-con e-child\" data-id=\"5fe09945\" data-element_type=\"container\" data-e-type=\"container\" id=\"risks\">\n\t\t\t\t<div class=\"elementor-element elementor-element-70dfeaf4 elementor-widget elementor-widget-heading\" data-id=\"70dfeaf4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\">RISKS<\/h6>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6f2256f7 elementor-widget elementor-widget-heading\" data-id=\"6f2256f7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">Risks<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d6b3fda elementor-widget elementor-widget-text-editor\" data-id=\"d6b3fda\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>Key downside risks include (i) rubber chemical ASP pressure and industry overcapacity; (ii) raw-material and energy price volatility; (iii) weaker tyre demand or customer utilisation; (iv) expansion and utilisation execution risk; and (v) FX and capital-allocation risk.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-24f4715c e-flex e-con-boxed e-con e-parent\" data-id=\"24f4715c\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-7c35bf2f elementor-widget elementor-widget-heading\" data-id=\"7c35bf2f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t\t<p class=\"elementor-heading-title elementor-size-default\"><a href=\"#top\">^ Back to Top<\/a><\/p>\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-73847f e-flex e-con-boxed e-con e-parent\" data-id=\"73847f\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-78ba7508 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"78ba7508\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-149a2b45 e-flex e-con-boxed e-con e-child\" data-id=\"149a2b45\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-4ef7dd8f elementor-align-center elementor-widget elementor-widget-button\" data-id=\"4ef7dd8f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm elementor-animation-shrink\" href=\"https:\/\/www.kgieworld.sg\/securities\/resources\/ck\/files\/docs\/research\/CSSC%20Initiation%20Report%20FY25%20%20(1).pdf\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">READ FULL REPORT<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-194e9d69 elementor-align-center elementor-widget elementor-widget-button\" data-id=\"194e9d69\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm elementor-animation-shrink\" href=\"https:\/\/www.kgieworld.sg\/securities\/contact-us\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">CONTACT US TO FIND OUT MORE<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-72d53342 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"72d53342\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Embedded in a mission-critical tyre input chain. Sunsine supplies accelerators, insoluble sulphur and anti-oxidants used in compounding and vulcanisation. Rubber chemicals are a small share of tyre cost, but they affect cure speed, durability and production reliability; qualified suppliers therefore have stronger retention than a generic commodity label implies.<\/p>\n","protected":false},"author":17,"featured_media":91987,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"elementor_header_footer","format":"standard","meta":{"_eb_attr":"","_uag_custom_page_level_css":"","footnotes":""},"categories":[14],"tags":[],"class_list":["post-91983","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-company-reports"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 4.9.10 - aioseo.com -->\n\t<meta name=\"description\" content=\"Embedded in a mission-critical tyre input chain. 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