Astral Poly Technik’s (ASTRA) Q3FY21 numbers were a beat to our expectations driven by: a) Impressive double-digit revenue growth in both its businesses: pipe (33.3% YoY) and adhesive (41% YoY); b) EBIDTA margin traction in both the businesses (22.9%/16.4% in pipe/adhesive respectively) led by inventory gains in PVC segment, higher value-added sales, and superior product mix. Jan’21 consolidated revenues too reported 35% YoY growth. ASTRA maintains its robust growth outlook in its plastic piping business (including recently launched tanks and DWC pipes) and adhesive segment, going forward, driven by market share gains, new product launches, and distribution expansion. Valuation and outlook: Considering the robust growth outlook and expected improvement in margins in both the pipe and adhesive businesses, we increase our revenue and PAT estimates by 1.3%/2.5%/3.5% and 5.4%/7.4%/9.4% respectively, for FY21E/FY22E/FY23E. We expect ASTRA to report overall revenue/PAT CAGRs of ...

AGC announces that its Board of Directors has passed a resolution to integrate and reorganize its 3 consolidated subsidiary companies, AGC Chemicals (Thailand) Co., Ltd (ACTH), Vinythai Public Company Limited (VNT), and AGC Chemicals Vietnam Co., Ltd (ACVN), and to form a new company which will promote the business development of Chlor-Alkali products and services in Thailand and Cambodia, Laos, Myanmar and Vietnam (CLMV) markets, with a target completion by first half of 2022.The AGC Group aims to expand its Chlor-Alkali chemicals business in Southeast Asia as one of the priority businesses of the AGC plus 2.0 management policy. Caustic soda and polyvinyl chloride resin (PVC) markets in Southeast Asia are expected to grow approximately 4% per year. AGC has expanded its chlor-alkali business in Southeast Asia with the aim of steadily capturing growing demand in the region and has consolidated its leading position by enhancing the production capacity of its existing bases in Indonesia ...