Oxygen, nitrogen, helium, and thousands of specialty chemicals are the “invisible ingredients” of the modern economy — inside every chip, car, drug, and piece of steel, yet almost never carrying a logo. The remarkable part: some of it is one of the “best businesses in the world.” It sells things floating in the air, on 15-20 year contracts that customers pay even when they don't use the product — which gives it utility-like steady revenue plus a rare kind of pricing power.
Why is Specialty Chemicals & Industrial Gases moving?
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AI and electronics demand drives specialty chemicals; inflation and weak commodities weigh
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AI and electronics demand powers specialty chemicals and gases Air Liquide's new plan targets over 10% annual growth in electronics sales, driven by AI. Dinglong's CMP polishing pad revenue jumped 43% and slurry 64%. China Jushi sees profit doubling on electronic fiberglass demand. These show AI and chipmaking are creating strong, lasting demand for specialty chemicals and gases.
This point captures the biggest positive force in the period: AI and electronics demand lifting specialty chemical and gas producers.
Industrial gas investment expands supply for electronics and manufacturing Air Products will build Malaysia's first LNG-based air separation unit, producing over 600 tonnes per day of oxygen, nitrogen and argon for electronics and manufacturing. Air Liquide's €40 billion plan includes €24 billion for industrial projects. These investments expand gas supply to meet growing demand.
This point shows how industrial gas companies are investing to expand supply, a key driver for the theme.
Raw material inflation squeezes coatings and adhesives margins RPM now expects raw material inflation of 9-11% in its second quarter, up from 6-8%, and cut its sales outlook. Gross margins fell as inflation outpaced price increases. This shows that even with pricing power, some specialty chemical companies are struggling to keep up with rising costs.
This point highlights a real counterweight: cost inflation is pressuring margins in parts of specialty chemicals.
Consolidation reshapes coatings and specialty chemicals Nippon Paint is buying AkzoNobel's Southeast Asia coatings business for $1.35 billion, while AkzoNobel offers divestments to EU regulators for its $25 billion Axalta deal. BASF may bid again for Evonik. These deals shift assets toward stronger players but also reflect stress and regulatory hurdles.
This point captures the ongoing consolidation wave that is reshaping the competitive landscape of specialty chemicals.
Dongcai Technology Chairman Tang Anbin Completes Share Reduction, Cashing Out 144 Million Yuan in Three Months
The share reduction plan of Dongcai Technology Chairman Tang Anbin has expired, with a total of 144 million yuan cashed out over three months. According to Dongcai Technology's disclosure, from June 30 to September 29, Tang Anbin reduced his holdings by a cumulative 2.89 million shares through centralized bidding, accounting for 0.29% of the company's total share capital, at prices ranging from 48.56 yuan to 54.31 yuan per share, for a total reduction amount of 144 million yuan. This reduction stemmed from a plan announced in June this year, when Tang Anbin, due to personal funding needs, intended to reduce his holdings by no more than 2.9012 million shares within three months starting June 30, representing 0.29% of total share capital, and ultimately reduced 2.89 million shares. Before the reduction, Tang Anbin held 11.6051 million shares, or 1.15%; after completion, his holdings fell to 8.7151 million shares, with his stake dropping to 0.86%. Born in 1968, Tang Anbin has served as chairman since December 2019, and his pre-tax compensation from the company in 2025 was 2.4613 million yuan. This is not his first reduction; including this one, Tang Anbin's cumulative reduction totals approximately 21.04 million shares, cashing out about 356 million yuan. In addition, several directors and senior executives, including director and general manager Li Gang, have also completed reductions this year. Dongcai Technology focuses on new chemical materials such as optical film materials and electronic materials. In the first half of this year, it achieved operating revenue of 3.095 billion yuan, up 27.29% year-on-year, and net profit attributable to the parent of 312 million yuan, up 63.78% year-on-year.
Nissan Chemical Sets Up Zhangjiagang Semiconductor Materials Unit in China
Nissan Chemical Corporation has approved the establishment of Nissan Chemical Semiconductor materials Zhangjiagang Co., Ltd. in Zhangjiagang City, Jiangsu Province, China, to manufacture and sell anti-reflective coatings and multilayer materials for semiconductors. The new subsidiary carries registered capital of RMB 210 million, or approximately ¥5.00 billion, with initial funding set for October 15, 2026. The move deepens Nissan Chemical's presence in China's semiconductor supply chain by placing production closer to key local customers and demand centers. The roughly ¥5.00 billion capacity build is a focused addition that supports existing guidance rather than reshaping it in the near term, though it tilts the risk mix toward China-specific factors such as local competition and policy or supply chain disruptions. The company's investment case continues to rest on turning specialty chemicals expertise into steady earnings and disciplined shareholder returns, supported by high returns on equity and an active dividend and buyback program.
4021.JP · Capital · Positive Nissan Chemical approves a ~¥5.00 billion investment to build a semiconductor materials subsidiary in Zhangjiagang, China, expanding capacity.
Huate Gas's import-substitution products rise to 57, employee shareholding platform denies cashing out at highs
Huate Gas said at its 2026 semi-annual results briefing on October 8 that the number of products for which it has achieved import substitution has increased from 22 at the time of its IPO to 57, and that it will focus on commercializing high-end electronic specialty gases such as disilane, hydrogen bromide, and boron trichloride. In response to investor questions about continued share reductions by employee shareholding platforms and senior executives, the company said that the three entities, including Xiamen Huahong Duofu, are all pre-IPO employee shareholding platforms established in 2012, and that the reductions were driven by partners' capital planning needs. There was no cashing out at highs or lack of confidence in the company's development, and block trades with certain discounts were chosen to improve reduction efficiency and reduce the impact on the secondary market. The company said its sales pricing comprehensively considers factors such as product costs, market competition, and customers' gas consumption scale, stability, and credit periods, with pricing characterized by case-by-case negotiation. On the performance front, the 2026 semi-annual report published on August 25 showed operating revenue of 872 million yuan, up 28.95 percent year on year; net profit attributable to the parent company of 92.83 million yuan, up 19.16 percent; non-GAAP net profit attributable to the parent company of 89.94 million yuan, up 19.29 percent; and net operating cash flow of 133 million yuan, up 46.93 percent year on year. In the first half, specialty gas business revenue reached 586.04 million yuan, up 38.56 percent year on year, semiconductor segment revenue reached 342.89 million yuan, up 28.22 percent year on year, and helium and related products accounted for about 20 percent of total operating revenue, with revenue up 133 percent year on year.
688268.CG · Capital · Positive H1 2026 revenue rose 28.95% to 872 million yuan and net profit attributable to parent rose 19.16% to 92.83 million yuan.
688268.CG · Demand · Positive Import-substitution products rose from 22 at IPO to 57, with specialty gas and semiconductor segment revenue up 38.56% and 28.22% YoY, signaling growing end-customer adoption.
厦门华弘多福 · Capital · Neutral Xiamen Huahong Duofu, a pre-IPO employee shareholding platform, reduced its stake for partners' capital planning needs, which the company said was not cashing out at highs.
Axalta Coating Systems Eyes Another Earnings Beat With Positive ESP
Axalta Coating Systems is positioned to potentially extend its earnings-beat streak when it reports next on October 29, 2026. The high-performance coating maker has topped consensus estimates by an average of 11.38% over the last two quarters, most recently posting $0.72 per share against an expected $0.65, a surprise of 10.77%, after an earlier $0.56 versus $0.5, a surprise of 12.00%. The company currently carries a Zacks Earnings ESP of +0.51% alongside a Zacks Rank #2 (Buy), a combination that Zacks research says produces a positive surprise nearly 70% of the time. Zacks notes that a negative Earnings ESP reading does not indicate an earnings miss but does reduce the metric's predictive power.
AXTA · Capital · Positive Axalta carries a positive Zacks Earnings ESP and Rank #2 (Buy), positioning it to extend its earnings-beat streak on October 29, 2026.
Avient CEO Khandpur Departs; Reaffirmed Guidance Sends Shares Down 8%
Avient Corp announced an abrupt leadership transition, naming former UPL Corporation head Mike Frank as Chief Executive Officer to succeed Dr. Ashish K. Khandpur, who will remain as an advisor through year-end. Lead Independent Director Richard H. Fearon was appointed Non-Executive Chairman. The specialty materials producer also merely reiterated its third-quarter and full-year 2026 financial targets previously updated in August, opting not to raise forecasts ahead of its November 4 earnings release. Avient had raised its full-year adjusted EPS target in August to a range of $3.10 to $3.25, representing 10% to 15% growth over the prior year, against a current Wall Street consensus of $3.20 per share. Shares of Avient tumbled over 8% on Friday morning on the news. Incoming CEO Mike Frank brings over three decades of specialty chemicals experience, including a 25-year tenure at Monsanto and leadership of UPL Corporation and Nutrien Ag Solutions.
Evonik shares rise on report BASF may submit new takeover offer
Evonik Industries shares rose 2.6% following a Reuters report that BASF could submit a new takeover offer for the German specialty chemicals company. Reuters reported that BASF may make another bid after Evonik rejected an earlier offer of €22.15 per share in September, a proposal that represented a premium of nearly 25% to Evonik's prior three-month average share price. Citi analysts said that even at an assumed offer price of €25 per share, their model indicates average earnings per share and free cash flow accretion of approximately 20% through 2030 for BASF, though return on invested capital would fall to around 9%, which they view as a threshold given the scale, complexity and execution risks involved. The analysts added that unless major shareholder RAG opposes a transaction, Evonik management may ultimately decide to engage in discussions, and noted that RAG's most recent share placement was executed at €19.99 per share. Citi also said it currently struggles to identify a valuation scenario in which Evonik shares can sustainably exceed €22 per share absent a broader sector recovery.
H.B. Fuller Prices $850M Private Offering of 7.625% Senior Notes Due 2034
H.B. Fuller Company said Friday it has priced a private offering of $850 million aggregate principal amount of 7.625% new senior unsecured notes due 2034 at an issue price of 100% of the principal amount. The notes are expected to close on or about October 21. Interest on the notes will be paid on a semi-annual basis.
Borregaard Refinances With NOK 1,500 Million Sustainability-Linked Credit Facilities
Borregaard has arranged new sustainability-linked multicurrency revolving credit facilities totaling NOK 1,500 million with three banks, replacing existing arrangements that were approaching maturity. The facilities secure continued access to committed funding, with loan terms tied to environmental and safety targets including greenhouse gas emission cuts and workplace safety measures. The company operates in the chemicals sector, focusing on specialized biochemicals and biomaterials for customers across Europe, Asia, the United States, and other regions. The refinancing keeps Borregaard's debt profile aligned with its buyback-and-earnings-reset narrative, tying borrowing costs to how effectively it runs its mills rather than to market rates alone. With profit margins recently weaker than a year ago, the flexible general-purpose credit leaves room to balance capacity upgrades against authorized share repurchases without overstretching the balance sheet.
0QB7.LSE · Capital · Positive Borregaard arranged NOK 1,500 million in new sustainability-linked revolving credit facilities, securing committed funding and refinancing maturing debt.
Sika has acquired Azpects Group, a leading UK manufacturer of polymeric sands for the landscaping sector, in a move the company says strengthens its position in a fast-growing segment. Azpects manufactures and distributes a range of easy-to-use polymeric paving joint compounds and complementary landscaping products for patios, pathways and driveways, serving landscaping contractors across the UK through established trade distribution channels. Sika said the deal creates cross-selling opportunities through highly complementary product portfolios and distribution channels, and that Azpects' manufacturing facility offers a platform to grow and optimize Sika's UK production footprint, with significant cost synergies expected in manufacturing and logistics. Regional Manager EMEA Christoph Ganz said Sika's distribution network can bring Azpects' product range into new channels and customer segments, and welcomed the Azpects team to the company. Sika is a specialty chemicals company with subsidiaries in 102 countries, production in over 400 factories, more than 33,000 employees and CHF 11.20 billion in sales in 2025.
Roshow Technology stated on an interactive platform on October 9 that its 8-inch silicon carbide substrate wafers have begun generating sales. The company said some samples have been sent to leading domestic customers for testing and verification, and that work on capacity building, yield improvement, and market expansion is continuing to advance.
Electrification & Mobility › EV Power Semiconductors (SiC / IGBT) ▲Supply
002617.CS · Demand · Positive Roshow's 8-inch silicon carbide substrate wafers have begun generating sales, with samples sent to leading domestic customers for testing and verification.
Sinoma Science & Technology completes 4.481 billion yuan private placement; Ge Weidong invests 700 million yuan for 13.6187 million shares
Sinoma Science & Technology disclosed on the evening of October 8 the results of its 2025 share issuance to specific investors. The company issued a total of 87.1819 million shares at 51.40 yuan per share to 15 investors, raising 4.481 billion yuan, of which more than 3.1 billion yuan will be used for an electronic fabric expansion project. Institutions dominated this private placement. E Fund Management was allotted 19.8833 million shares worth 1.022 billion yuan, making it the largest subscriber. Caitong Fund and Nuode Fund were allotted 485 million yuan and 427 million yuan respectively. UBS AG, Harvest Fund, and China Life Pension also participated. China National Building Material United Investment, a wholly owned subsidiary of the actual controller China National Building Material Group, was allotted 820 million yuan for 15.9562 million shares, with an 18-month lock-up period. Well-known retail investor Ge Weidong was allotted 13.6187 million shares worth about 700 million yuan. His highest bid of 59.15 yuan per share was the highest offer of the day. Retail investors Zhong Ge and Chen Xuegeng were each allotted 1.9455 million shares worth about 100 million yuan. Of the proceeds, 1.662 billion yuan is planned for a project with annual output of 35 million meters of low-dielectric fiberglass cloth, and 1.475 billion yuan is planned for a project with annual output of 24 million meters of ultra-low-loss low-dielectric fiberglass cloth.
002080.CS · Capital · Positive Completes 4.481 billion yuan private placement, raising funds for electronic fabric expansion projects.
CNBM United Investment Co., Ltd. · Capital · Positive Allotted 820 million yuan for 15.9562 million shares in Sinoma's private placement, with an 18-month lock-up.
中国建材集团有限公司 (China National Building Material Group) · Capital · Positive Its wholly owned subsidiary CNBM United Investment subscribed 820 million yuan in the private placement.
Qiangli New Materials Elects Qian Xiaochun as Chairman, Appoints Zhang Xuelong as President
Qiangli New Materials announced on October 9 that it elected Qian Xiaochun as chairman and appointed Zhang Xuelong as president of the company. The company's sixth board of directors consists of non-independent directors Qian Xiaochun, Guan Jun, Zhang Xuelong, and Yang Jianxin, and independent directors Yang Li, Fan Lin, and Tan Wenhao, with a three-year term. The company also appointed Yang Jianxin and Pan Jingjing as vice presidents, with Pan Jingjing also serving as chief financial officer, Liang Yuqing as board secretary, and Chen Yang as securities affairs representative, all for terms consistent with the board. In the first half of 2026, Qiangli New Materials achieved revenue of 536 million yuan and a net loss attributable to the parent company of 62.31 million yuan.
Refined Product Crack Spreads Stay Elevated, Supporting Refining and Chemical Earnings
The International Energy Agency said at the G7 energy security meeting that Middle East crude exports have recovered significantly, but refined product transportation remains heavily constrained. Combined with continued attacks on Russian refineries, the global diesel supply tightness has intensified further, and refined product crack spreads may remain at relatively high levels. Companies with integrated refining and chemical chains, refined product export capabilities, or overseas refining and chemical assets are likely to receive some earnings support. Hua Chuang Securities noted that as the oil price center gradually stabilizes and the traditional peak season arrives, downstream restocking is expected to drive marginal repair in demand for some chemical products against a backdrop of generally low inventory across the industrial chain. On the supply side, expansion of new capacity in some high-energy-consuming chemical industries in China is being restricted by factors such as dual-carbon policies, energy consumption constraints, and stricter approval of new projects. Guosheng Securities said the growth rate of fixed asset investment in the chemical industry has continued to decline, and pressure from new supply will gradually ease going forward. Along with the exit of high-cost capacity, digestion of industry inventories, and geopolitical conflicts compressing effective supply, the firm is positive on a cyclical recovery in the chemical industry. As of 1:18 p.m. on October 9, 2026, the CSI细分化工产业主题指数 tracked by the Chemical ETF Bosera was up 0.82 percent. Among constituents, Tinci Materials rose 10.00 percent, Do-Fluoride New Materials rose 4.83 percent, Huafon Chemical rose 4.71 percent, Enjie New Materials rose 4.45 percent, and Xinyangfeng rose 3.54 percent. As of September 30, 2026, the top ten weighted stocks in the CSI细分化工产业主题指数 were Wanhua Chemical, Qinghai Salt Lake Industry, Zangge Mining, Baofeng Energy, Juhua Group, Satellite Chemical, Tinci Materials, Rongsheng Petrochemical, Dongcai Technology, and Hualu Hengsheng, together accounting for 42.48 percent.
Kinwong Electronic Expects Q3 Net Profit to More Than Triple; China Jushi Forecasts 100% to 110% Rise for First Three Quarters
On the evening of October 9, multiple listed companies on the Shanghai and Shenzhen exchanges released positive announcements. Kinwong Electronic expects net profit attributable to owners of the parent in the third quarter of 2026 to be between 912 million and 1.089 billion yuan, up 205.46% to 264.74% year on year and up 147.20% to 195.18% quarter on quarter. China Jushi expects net profit attributable to shareholders of the listed company for the first three quarters of 2026 to be between 5.136 billion and 5.393 billion yuan, up 100% to 110% year on year. Hongfuhan expects net profit for the same period to be between 170 million and 200 million yuan, up 108.19% to 144.93% year on year. In mergers and acquisitions, Zerun New Energy plans to acquire no less than 51% equity in Hechuang Intelligent Manufacturing with cash, with the total consideration initially not exceeding 204 million yuan, as a way to quickly enter the thermal management sector. Aerospace Engineering's controlling subsidiary Aerospace Hydrogen Energy plans to acquire a 45% stake in Xinxiang Gas with 191 million yuan of its own funds, raising its shareholding from 55% to 100%. In addition, Li'ang Micro plans to acquire a 3.6221% stake in Jinruihong Microelectronics through public bidding, with a floor price of 269 million yuan, raising its direct shareholding from 57.4403% to 61.0624%. Yuguang Gold and Lead's semiconductor optoelectronic new materials technology industrialization base project is in the preliminary preparation stage, and Daqo Energy has initiated research and development projects around new energy storage equipment and solid-state transformers.
301086.CS · Capital · Positive Hongfuhan expects net profit for the first three quarters of 2026 to rise 108.19% to 144.93% year on year.
600176.CG · Capital · Positive China Jushi forecasts first-three-quarter 2026 net profit up 100%-110% year on year.
603228.CG · Capital · Positive Kinwong Electronic expects Q3 2026 net profit to more than triple year on year.
600531.CG · Technology · Neutral Yuguang Gold and Lead's semiconductor optoelectronic new materials industrialization base is only in preliminary preparation stage.
DPAINT benefits from post-flood recovery, boosting paint sales, and invests in The City Phuket
Delta Paint Public Company Limited, or DPAINT, sees opportunity in the post-flood recovery period now entering a cycle of home repair and renovation. Demand for architectural paint and construction materials, the company's core business, will be directly supported by the renovation market, spanning walls, surfaces, and interior and exterior areas that need repainting to restore homes to a livable condition. The company said demand is not limited to new project construction but also comes from repair and renovation, which plays a greater role after natural disasters, and it expects recovery to expand from initial repairs to major home renovations. At the same time, DPAINT is laying a long-term game through its investment in The City Phuket to enter the real estate business and create a new S-Curve, adding diversity to its revenue structure while keeping architectural paint and construction materials as the core business that generates cash flow. The company views Phuket as an area with potential in tourism and real estate, and if developed according to plan, it will complement the core business and create opportunities for stable growth in the future.
DPAINT.BK · Capital · Positive DPAINT invests in The City Phuket real estate project to create a new S-Curve and diversify revenue.
DPAINT.BK · Demand · Positive Post-flood recovery drives home repair and renovation demand for DPAINT's architectural paint and construction materials.
RPM Raises Quarterly Dividend 5.6% to $0.57 per Share
RPM declared a quarterly dividend of $0.57 per share, a 5.6% increase from its prior dividend of $0.54. The dividend carries a forward yield of 2.3% and is payable October 30 to shareholders of record as of October 20, with an ex-dividend date of October 20. The increase marks the company's 53rd consecutive year of raising its cash dividend.
RPM Elects ADM COO Jeffrey D. Rowe to Board of Directors
RPM International Inc. announced the election of Jeffrey D. Rowe to its board of directors, bringing the total to 12 members following the annual meeting of stockholders. Rowe currently serves as Executive Vice President and Chief Operating Officer of Archer-Daniels-Midland Company, where he oversees three business units, four regions and global operations, R&D and sustainability functions. He previously served as Chief Executive Officer of Syngenta Group and spent more than two decades at DuPont Pioneer in executive leadership roles. Rowe will serve on RPM's governance and nominating committee. RPM Chairman and CEO Frank C. Sullivan said Rowe's global leadership experience and operational expertise across manufacturing, supply chain and innovation align with the company's strategic goals.
Avient Lifts Quarterly Dividend to US$0.2825, Sixteenth Straight Annual Increase
Avient Corporation declared a quarterly cash dividend of US$0.2825 per share, payable on January 7, 2027, to shareholders of record as of December 11, 2026, marking its sixteenth consecutive annual increase and lifting the annualized payout from US$1.10 to US$1.13 per share. The company reported US$917.0 million in sales and US$64.8 million in net income in its recent Q2 2026 results, with higher net profit margins than a year earlier. Avient's narrative projects $3.7 billion in revenue and $338.5 million in earnings by 2029, requiring 3.9% yearly revenue growth and roughly a doubling in earnings from $170.0 million today, and yields a $50.86 fair value, a 24% upside to its current price. Some analysts expect revenue of about US$3.9 billion and earnings around US$312.5 million, while another fair value estimate puts the stock at just $66.96. The extended dividend streak reinforces the income side of Avient's story but does not materially change the near-term catalyst in electronics and high performance computing or the risk that weaker transportation and other cyclical end markets could weigh on revenue and margins.
AVNT · Capital · Positive Avient declared a quarterly dividend of US$0.2825/share, its sixteenth straight annual increase, lifting the annualized payout to US$1.13.
Thumbtack Joins Sherwin-Williams Digital Alliance Program
Thumbtack announced a national partnership with The Sherwin-Williams Company, joining the Sherwin-Williams Digital Alliance Program as its newest member. The partnership connects painting pros with new customers, letting Sherwin-Williams PRO+ customers reach homeowners ready to hire and pursue projects that fit their services, location and business goals. A co-branded campaign is now live in Sherwin-Williams stores and online, and eligible PRO+ customers can receive up to $400 in free and discounted leads when they join Thumbtack. More than 300,000 local service pros use Thumbtack to connect with new customers and turn leads into jobs. Michael Kim, Vice President of Strategy and Business Development at Thumbtack, said joining the program helps more pros across the country connect with homeowners and grow their businesses, while Nicole Zudic, Director of Digital Customer Success and Partnerships at Sherwin-Williams, said adding Thumbtack expands the program's value by connecting Pros with tools to reach new customers and win more jobs.
Thumbtack, Inc. · Demand · Positive Thumbtack partners with Sherwin-Williams to bring painting pros and new customer leads onto its platform.
SHW · Demand · Positive Sherwin-Williams joins Thumbtack's Digital Alliance Program, connecting its PRO+ customers with homeowners to win more painting jobs.
PPG Posts $594 Million First-Half Operating Cash Flow, Funds Buybacks and Dividends
PPG Industries reported $594 million in operating cash flow for the first half of 2026, beating last year's performance by $223 million. That cash flow supported $175 million of share repurchases and $317 million in dividends during the first half, with total shareholder returns of about $235 million in the second quarter. Structural and restructuring initiatives delivered $75 million in structural cost savings in 2025, $20 million in the first quarter of 2026 and about $15 million in restructuring savings in the second quarter of 2026, helping lift Global Architectural Coatings EBITDA margin by 100 basis points year over year to 19.4%. PPG returned $1.4 billion to shareholders in 2025 and has increased its annual dividend payout for 54 consecutive years. Among peers, Sherwin-Williams generated $1.49 billion in net operating cash in the first six months of 2026, while Celanese recorded roughly $285 million, down from $447 million a year earlier.
AkzoNobel to Offer Divestments to EU for $25 Billion Axalta Deal
AkzoNobel is expected to offer divestments in its planned $25 billion purchase of Axalta Coating to try to allay concerns from European Union regulators. The remedies, expected to be filed next week with the European Commission, would involve the sale of certain overlapping businesses in the vehicle refinish market, according to a Bloomberg report on Thursday citing people familiar with the matter, while the EC's issues over the combination's impact on the powder coating markets have been dropped. The EC declined to comment to Bloomberg, and both AkzoNobel and Axalta didn't immediately respond to a request for comment. Separately, Reuters reported that EC regulators will approve the deal with the remedies, and the filing from the companies next week will extend the current EC's Oct. 22 deadline by 10 working days. The EC has until Oct. 22 to decide if it will approve the deal or open an in-depth probe. AkzoNobel said on Monday that it agreed to sell its Southeast Asian decorative paints business to Nippon Paint for $1.35 billion, concluding its strategic review of its Asian decorative paints portfolio, and Axalta in November announced an all-stock merger with AkzoNobel to create a global coatings company valued at approximately $25 billion.
AKZA.AS · Regulation · Positive AkzoNobel will offer vehicle-refinish divestments to satisfy EU concerns, with the EC expected to approve its $25B Axalta deal.
AKZA.AS · Capital · Positive AkzoNobel concluded its strategic review by selling its Southeast Asian decorative paints business to Nippon Paint for $1.35 billion.
AXTA · Regulation · Positive EU regulators expected to approve AkzoNobel's $25B acquisition of Axalta after divestment remedies, clearing a key regulatory hurdle for the deal.
4612.JP · Capital · Positive Nippon Paint agreed to buy AkzoNobel's Southeast Asian decorative paints business for $1.35 billion, an acquisition expanding its portfolio.
Air Products to Build Malaysia's First LNG-Based Air Separation Unit
Air Products and Chemicals, Inc. has entered a definitive agreement with PG Cold Energy 1 Sdn. Bhd. to design, build and operate Malaysia's first LNG-based air separation unit, located at the Pengerang LNG regasification terminal in Johor and expected to come online by early 2027. The facility will produce more than 600 tons per day of liquid oxygen, nitrogen and argon, supplying the merchant market and rising demand from the electrical and electronics, petrochemical, aerospace and manufacturing sectors. The unit will use cold energy generated during LNG regasification to liquefy air at low temperatures, cutting energy consumption and production-related emissions. The project reinforces Air Products' long-standing relationship with PETRONAS Gas Berhad and adds to its LNG-based air separation units in Asia, with operations in Malaysia dating back to 1974. APD shares have gained 5.8% in the past year against the industry's 0.3% decline in the same period.
APD · Demand · Positive Air Products signs definitive agreement to build and operate Malaysia's first LNG-based air separation unit, adding capacity to serve merchant and industrial demand.
PETRONAS Gas Berhad · Demand · Positive PETRONAS Gas Berhad's Pengerang LNG regasification terminal will host the new air separation unit, reinforcing the long-standing relationship with Air Products.
3M Safety and Industrial Segment Drives Growth as 2026 Outlook Brightens
3M Company's Safety and Industrial segment remains a key growth driver, with second-quarter 2026 organic sales rising 8.2% year over year and sales of industrial adhesives and tapes up 13%, personal safety up 9.4%, electrical up 12% and industrial specialties up 10.9%. The segment's operating income margin expanded year over year on higher sales and productivity gains, though the improvement was partly offset by tariff-related impacts and continued investments. Backed by this strength, 3M guided for 2026 total adjusted organic sales to increase more than 3.5% year over year and adjusted earnings of $8.80 to $8.95 per share, an improvement from the $8.06 per share reported in 2025 at the $8.875 midpoint. Among peers, Honeywell Technologies saw second-quarter 2026 organic revenues in its Process Automation and Technology segment fall 1% year over year, while Carlisle Companies' Construction Materials segment revenues rose 7.8% to $1.18 billion. 3M shares have gained 1.2% year to date against an 18.1% industry decline, and the Zacks Consensus Estimate for 2026 and 2027 earnings has risen 0.6% and 0.9% over the past 60 days.
Dinglong Shares Expects First Three Quarters Attributable Net Profit to Rise 61.72%–65.57% Year-on-Year
Dinglong Shares announced on October 8 that it expects attributable net profit for the first three quarters of 2026 to be approximately 840 million to 860 million yuan, up 61.72% to 65.57% year-on-year. Third-quarter attributable net profit is expected to be approximately 310 million to 330 million yuan, up 49% to 59% year-on-year and up 12% to 19% quarter-on-quarter. Excluding profit from the printing consumables terminal business deconsolidated through an equity transfer, attributable net profit for the first three quarters of this year would rise about 73% year-on-year. The company achieved cumulative operating revenue of approximately 2.915 billion yuan in the first three quarters of 2026, up 8% year-on-year, including CMP polishing pad sales revenue of approximately 1.136 billion yuan, up 43% year-on-year, CMP polishing slurry and cleaning solution sales revenue of approximately 333 million yuan, up 64% year-on-year, and new energy lithium battery functional auxiliary materials sales revenue of approximately 463 million yuan, up 59% year-on-year. In addition, non-recurring gains and losses for the reporting period are expected to be approximately 60 million yuan, mainly due to government subsidies and disposal of non-current assets. In the first half of 2026, Dinglong Shares achieved revenue of 1.925 billion yuan and attributable net profit of 529 million yuan.
Xiongsu Technology Plans Cash Acquisition of Up to 80% Stake in Xinyuan New Materials
Xiongsu Technology disclosed on the evening of October 8 that it intends to acquire no more than 80% of the equity of Shenzhen Xinyuan New Materials Co., Ltd. by cash, after which Xinyuan New Materials will become its controlling subsidiary. The announcement shows that the parties have confirmed the overall valuation of 100% equity of Xinyuan New Materials is tentatively capped at 800 million yuan, with the final valuation, pricing, and specific transaction plan subject to audit and appraisal reports and the formally signed acquisition agreement. The cooperation matters involved in the signed Equity Acquisition Intention Agreement do not constitute a related-party transaction, and preliminary estimates indicate it is not expected to constitute a major asset restructuring. Xinyuan New Materials is a technology enterprise centered on high-thermal-conductivity packaging and interconnect materials, focusing on the research, development, production, sales, and technical services of semiconductor heat-dissipation packaging materials represented by nano-metal products. Xiongsu Technology stated that if the transaction is formally completed, the company's main business will undergo a strategic transformation and upgrade from the research, development, production, and sales of plastic pipes to high-thermal-conductivity semiconductor packaging and interconnect materials, forming a dual-main-business layout.
300599.CS · Capital · Positive Xiongsu Technology plans a cash acquisition of up to 80% of Xinyuan New Materials, a strategic transformation into semiconductor packaging materials.
Hubei Yihua's 2×30,000-ton anhydrous hydrogen fluoride project phase one goes into production
Hubei Yihua announced that its controlling subsidiary Yihua Fluorochemicals has completed one 30,000-ton-per-year anhydrous hydrogen fluoride unit under phase one of the 2×30,000-ton-per-year anhydrous hydrogen fluoride project, and it has safely and smoothly gone into production after review. The project converts fluorosilicic acid, a by-product of phosphorus chemicals, into high-value-added anhydrous hydrogen fluoride, helping optimize the phosphorus-fluorine product structure and enhance the company's competitiveness. The company said phase two will be implemented at an appropriate time based on market demand.
000422.CS · Supply · Positive Hubei Yihua's subsidiary completed and started up a 30,000-ton/year anhydrous hydrogen fluoride unit, adding high-value capacity from fluorosilicic acid by-product.
Yihua Fluorochemical · Supply · Positive Yihua Fluorochemicals brought its phase-one 30,000-ton/year anhydrous hydrogen fluoride unit safely into production, boosting its output capacity.
PPG to Invest $70 Million in Huntsville Aerospace Transparencies Expansion
PPG announced a $70 million investment to expand its aerospace transparencies site in Huntsville, Alabama. The investment is part of a series of multi-year projects aimed at increasing production capacity and supporting continued growth of PPG's aerospace transparencies business. The expansion includes the lease and build-out of a new 112,000-square-foot facility that will house production support functions, freeing additional manufacturing space at PPG's existing aerospace transparencies facility. Francois Buehlmann, PPG general manager of global transparencies for Aerospace, said demand for aerospace transparencies continues to grow across commercial, military and general aviation markets, and that the expansion increases operational efficiency and provides room for future equipment investments. PPG has operated its aerospace transparencies manufacturing facility in Huntsville for more than 55 years, and its aerospace business supplies coatings, sealants, transparencies, engineered materials and related services to commercial, regional, general aviation and military customers worldwide.
PPG · Capital · Positive PPG announced a $70 million investment to expand its Huntsville aerospace transparencies facility, increasing production capacity.
MGT expects continued growth in the second half of 2026 after first-half profit surged to 82.93 million baht
MegaChem (Thailand) Public Company Limited, or MGT, a full-service distributor of specialty chemicals, expects its operating results in the second half of 2026 to continue growing from the first half, as it presses ahead with expanding cooperation with customers and business partners while sourcing new and high-margin products to strengthen its portfolio. For the first six months of 2026, the company reported sales revenue of 668.16 million baht, up from 606.94 million baht in the same period last year, and net profit of 82.93 million baht, up from 61.67 million baht. In the second quarter of 2026, sales revenue was 346.52 million baht, up from 294.36 million baht, and net profit was 45.48 million baht, up from 29.24 million baht a year earlier. Its beauty products business, operated jointly with a partner from South Korea, has recovered clearly, turning from a loss last year to a profit this year, and the company has taken a stake of approximately 6 to 7 percent. It is currently preparing documents and getting ready for a listing on the South Korean stock exchange, or IPO, with a target of listing in the fourth quarter of 2027. Dr. Witthaya Inala, Chief Executive Officer, said the revenue structure in the chemicals business still maintains a net profit margin of approximately 8 to 10 percent. On overseas market expansion, the South Korean partner has brought products to open up the market in Japan, while in Thailand the company plans to join with Green Leaf Chemical to set up a product booth during the 3rd to 5th of next month.
MGT.BK · Capital · Positive First-half 2026 net profit surged to 82.93 million baht from 61.67 million, with management expecting continued growth in H2.
Xinya Electronic Plans Major Asset Restructuring to Acquire Controlling Stake in Qiyuan Gas and Suspends Trading
Xinya Electronic announced on the evening of October 7 that the company is planning to acquire a controlling stake in Shanghai Qiyuan Gas Development Co., Ltd. through a combination of share issuance and cash payment, along with raising supporting funds. The transaction is expected to constitute a major asset restructuring. Trading in the company's shares will be suspended from the market open on October 8, and the transaction plan is expected to be disclosed within no more than 10 trading days. On the last trading day before the suspension, September 30, Xinya Electronic's share price closed at 9.10 yuan per share, up 10.04 percent, with a total market value of 4.609 billion yuan. The announcement shows that the preliminary counterparty for this transaction is Shanghai Qiyuan Semiconductor Materials Co., Ltd., and the two parties have signed an acquisition intention agreement. Qiyuan Semiconductor is the largest shareholder of Qiyuan Gas, with a direct shareholding ratio of 29.76 percent, and its controlling shareholder Yu Jun is also the actual controller of Qiyuan Gas. Xinya Electronic plans to implement this transaction through share issuance and cash payment, but it does not constitute a related-party transaction or a reverse merger. After the transaction is completed, Qiyuan Semiconductor's shareholding in Xinya Electronic will not exceed 5 percent, and the final counterparty has not yet been determined. Qiyuan Gas was established in 2009 and has completed six rounds of financing. Investors include state-owned investment platforms such as Central Enterprise Rural Industry Investment Fund Co., Ltd. and Feidong County Science and Technology Innovation Industry Investment Partnership, as well as TEMC, a South Korean electronic gas producer. Xinya Electronic's net profit attributable to the parent company for 2023, 2024, 2025, and the first half of 2026 was negative 241 million yuan, negative 236 million yuan, negative 22.2772 million yuan, and negative 11.7108 million yuan, respectively.
RPM Narrows Fiscal 2027 Outlook to Mid-Single-Digit Growth as Q2 Inflation Forecast Rises to 9%–11%
RPM International narrowed its fiscal 2027 sales growth outlook to mid-single digits from a previous range of 3% to 7%, and now expects adjusted EBITDA to grow mid-single digits versus a prior outlook of up 5% to 10%. On the company's Q1 fiscal 2027 earnings call, CFO Russell Gordon said second quarter raw material inflation is now expected in the 9% to 11% range, up from a previous estimate of 6% to 8%, and that RPM has implemented additional pricing increases across all its segments. Adjusted diluted EPS rose 5.3% to a first quarter record of $1.98, beating the $1.95 analysts' estimate, while first quarter sales and adjusted EBITDA also set records. Gross margins declined 100 basis points as raw material inflation outpaced pricing and MAP benefits, with Construction Products Group organic sales falling on a slowdown in education and health care markets and polyurethane supplier shortages. RPM returned $90.5 million to shareholders through share repurchases and dividends, total debt declined $263 million, and the company cited its acquisition of Volteco, an Italy-based below-grade waterproofing supplier with calendar year 2025 sales of EUR 28 million.
RPM · Capital · Neutral Narrowed FY2027 sales and EBITDA growth outlook, though Q1 adjusted EPS rose 5.3% to a record $1.98 and beat estimates.
RPM · Pricing · Negative Q2 raw material inflation forecast raised to 9%-11% and gross margins fell 100bp as inflation outpaced pricing and MAP benefits.
Air Products and Chemicals Eyes Another Earnings Beat With Positive ESP
Air Products and Chemicals is positioned to potentially beat earnings estimates again in its next quarterly report, according to Zacks Investment Research. The industrial gas supplier has topped estimates in each of its last two reports, with an average surprise of 4.10% over that span. In the most recent quarter, it reported $3.47 per share against a consensus estimate of $3.36, a surprise of 3.27%, after posting $3.2 per share versus an estimate of $3.05 in the prior quarter, a surprise of 4.92%. The company currently carries an Earnings ESP of +0.79% and a Zacks Rank #2 (Buy), a combination Zacks research shows produces a positive surprise nearly 70% of the time.
Energy Transition & Power Demand › Hydrogen & Fuel Cells Capital
APD · Capital · Positive Zacks flags Air Products with a positive Earnings ESP and Buy rank, positioning it to beat quarterly earnings estimates again.
Albemarle Cuts Debt by $1.3 Billion, Trims Interest Expense by $60 Million
Albemarle Corporation paid down $1.3 billion of outstanding debt in March 2026, reducing annual interest expense by roughly $60 million, following divestments of its controlling stake in Ketjen and its 50% interest in the Eurecat joint venture that together generated $670 million in pre-tax proceeds. The company's total long-term debt stood at roughly $1.88 billion at the end of the second quarter, down from $3.19 billion at the end of 2025, with a net debt-to-EBITDA leverage ratio of 0.5x versus 1x in the sequentially prior quarter and no major maturities due until late 2028. Albemarle ended the quarter with liquidity of around $3.2 billion, including cash and cash equivalents of around $1.6 billion, and expects interest and financing expense of $120-$140 million for 2026. Among peers, Sociedad Quimica y Minera de Chile exited the second quarter with long-term debt of around $4.79 billion and cash and cash equivalents of around $3.4 billion, while ICL Group ended the quarter with net debt of roughly $2.64 billion, up $375 million from the end of 2025, and cash resources of $2.2 billion. Albemarle stock carries a Zacks Rank #4 (Sell), and the Zacks Consensus Estimate for its 2026 earnings implies a year-over-year rise of 1,541.8%, though EPS estimates for 2026 have trended lower over the past 60 days.
Elliott Backs Air Liquide's First-Ever Large Buyback and 2030 Margin Targets
Elliott Investment Management, which advises funds holding a significant economic interest in L'Air Liquide S.A., issued a statement welcoming the value-creating initiatives announced as part of Air Liquide's new strategic plan at its 2026 Capital Markets Day. Elliott highlighted the company's target to improve margins by 400 to 600 basis points by 2030 and its first-ever large share buyback, which the activist investor said should start immediately. The firm also pointed to Air Liquide's targets for annual growth of 5% in revenue and 10% in EPS through 2030, saying they highlight the strength of its business and the opportunities in AI, electronics, healthcare and space. Elliott called the announcements a positive first step that reflects the company's traditionally prudent approach and leaves room for significant outperformance, and said it looks forward to continued constructive dialogue as Air Liquide works to close margin and valuation gaps with peers. Elliott Investment Management manages approximately $80.3 billion of assets as of June 30, 2026, and was founded in 1977.
AI.PA · Capital · Positive Elliott welcomes Air Liquide's first-ever large buyback, 2030 margin targets, and 5% revenue/10% EPS growth goals
Elliott Investment Management L.P. · Capital · Positive Elliott, advising funds with a significant stake, publicly backs Air Liquide's buyback and margin-improvement plan
ThailandIndonesiaMalaysiaSingaporePapua New GuineaAustraliaNetherlandsJapan
Coatings, Adhesives & Sealants
Kasikorn Securities recommends buying TOA with a target price of 19 baht after AkzoNobel sells its paint business to Nippon Paint
Kasikorn Securities, citing Reuters, reported that on October 5, AkzoNobel announced an agreement to sell its architectural coatings business in Southeast Asia to Nippon Paint for 1.35 billion dollars, or about 45.48 billion baht. The sale covers decorative paint operations in Indonesia, Malaysia, Thailand, Singapore, Papua New Guinea, and Australia. The Indonesia portion of the deal is expected to close in late 2026, while the remaining countries are expected to complete in mid-2027. The brokerage views this news as slightly negative for TOA, as it causes the company to miss an opportunity to invest in expanding its market share both domestically and abroad, even though the company currently has a strong cash position of approximately 10 billion baht and almost no debt. Looking ahead, competition in the industry is not expected to intensify. In Thailand, TOA holds more than half of the market, while in overseas markets the reduction in the number of players should keep competitive conditions unchanged or even ease. Kasikorn Securities therefore continues to select TOA as one of its Top Picks, citing its attractive valuation, its position as market leader in paints, and earnings trends that are stronger than other construction materials stocks. It recommends buying with a target price of 19.0 baht, versus the current share price of 14.80 baht, implying a 2026/27 PER of only 10 times and 9.4 times, below the industry average of about 14 times. The brokerage believes the share price decline already reflects concerns over still-high energy costs, while the company has the ability to pass on higher costs and its earnings estimates already factor in these pressures. First-half 2026 profit accounted for 59% of the full-year profit forecast.
4612.JP · Capital · Positive Nippon Paint agreed to acquire AkzoNobel's Southeast Asia architectural coatings business for $1.35 billion, expanding its regional footprint.
AKZA.AS · Capital · Positive AkzoNobel announced the sale of its Southeast Asia architectural coatings business to Nippon Paint for $1.35 billion.
TOA.BK · Competition · Negative AkzoNobel selling its Southeast Asia architectural coatings business to Nippon Paint means TOA misses an acquisition opportunity and faces a strengthened rival, though competition is not expected to intensify.
RPM International Set to Report Q1 Fiscal 2027 Results on Oct. 6
RPM International is scheduled to report first-quarter fiscal 2027 results on Oct. 6, before the opening bell, with the Zacks Consensus Estimate for adjusted earnings per share at $1.95, down slightly from $1.96 over the past 30 days but still indicating 3.7% growth from the year-ago figure of $1.88. The consensus mark for net sales stands at $2.22 billion, implying 4.9% year-over-year growth, while the company expects consolidated sales to rise in the mid-single-digit range, with each of its Construction Products Group, Performance Coatings Group and Consumer Group segments also expected to grow in the mid-single-digit range. RPM expects previously announced SG&A reductions to generate $25 million in benefits in the quarter, partly offset by higher health care and benefit expenses, and it anticipates 5-6% raw material inflation with pricing increases already implemented to offset that inflation on a dollar basis. Consolidated adjusted EBITDA is expected to increase year over year in the mid-single-digit range, though a temporary supplier issue affecting propylene oxide-derived raw materials is expected to weigh somewhat on first-quarter sales growth. The company's earnings ESP is -1.64% and it carries a Zacks Rank of 4 (Sell), so the model does not conclusively predict an earnings beat.
RPM · Capital · Positive RPM is set to report Q1 fiscal 2027 results with consensus EPS of $1.95 (3.7% growth) and net sales of $2.22B (4.9% growth), plus mid-single-digit adjusted EBITDA growth.
RPM · Supply · Negative A temporary supplier issue affecting propylene oxide-derived raw materials is expected to weigh somewhat on first-quarter sales growth.
Air Liquide Unveils BEYOND 2030 Plan, First €4 Billion Buyback
Air Liquide unveiled a new strategic plan through 2030 on Monday, targeting annual growth in recurring net earnings per share of about 10% and launching its first-ever share buyback program, worth €4 billion over 2027-2028. The plan, named BEYOND, aims for compound annual growth of 10%, plus or minus 2 percentage points, in recurring net EPS from the end of 2025 to the end of 2030, along with recurring return on capital employed above 11% in 2030. The French industrial gases group expects sales to grow at a compound annual rate of 5%, plus or minus 1 point, outpacing industrial production by a factor of two to three, and targets a cumulative operating margin improvement of 400 to 600 basis points over 2026-2030. Capital allocation of more than €40 billion over the period will cover investments, acquisitions, dividends and buybacks, with more than half going toward industrial investments and acquisitions and about €24 billion in industrial investment decisions planned. Air Liquide named four priority markets — electronics and artificial intelligence, energy transition, healthcare and space — and said it expects electronics sales to grow at a weighted average annual rate above 10% over 2026-2030. CEO François Jackow said the group's profitability now allows it to go beyond reinvestment, including through the buyback and annual employee share purchase plans, and the company reaffirmed a 33% cut in Scope 1 and 2 carbon dioxide emissions by 2035 from 2020 levels and carbon neutrality by 2050.
AI.PA · Capital · Positive Air Liquide unveiled BEYOND 2030 plan targeting ~10% annual recurring EPS growth and its first-ever €4 billion buyback over 2027-2028.
AI.PA · Demand · Positive Plan names four priority markets and expects electronics sales to grow at a weighted average annual rate above 10% over 2026-2030.
NetherlandsVietnamIndonesiaMalaysiaThailandSingaporePapua New Guinea+4
Coatings, Adhesives & Sealants4
AkzoNobel to Sell Southeast Asia Decorative Paints Unit to Nippon Paint for $1.35 Billion
AkzoNobel said on Monday it has agreed to sell its Southeast Asian decorative paints business to Nippon Paint for $1.35 billion, concluding its strategic review of its Asian decorative paints portfolio. The sale covers decorative paints operations in Vietnam, Indonesia, Malaysia, Thailand, Singapore, Papua New Guinea, and Australia, the Dutch paints maker said, adding that it expects net cash proceeds of about $1 billion after tax and payments to minority partners. The Dulux paintmaker earlier divested its decorative paints operations in India and Pakistan for $1.6 billion and 50 million euros, respectively. The Indonesia deal is expected to close separately in late 2026, while the remaining transactions are expected to close around mid-2027. AkzoNobel said it will now focus on the successful closing of its merger with US coatings maker Axalta, which was announced last November.
4612.JP · Capital · Positive Nippon Paint agrees to acquire AkzoNobel's Southeast Asia decorative paints business for $1.35 billion, expanding its portfolio.
AKZA.AS · Capital · Positive AkzoNobel agrees to sell its Southeast Asian decorative paints unit for $1.35 billion, yielding ~$1 billion net cash and concluding its strategic review.
Phichem's controlling shareholder and concert parties cash out about 200 million yuan by reducing 5.68 million shares and terminate the reduction plan early
Phichem announced on September 30 that its board of directors had received a notification letter from the controlling shareholder Phichem Holdings and its concert party Zhang Yanxia. As of the disclosure date, the two had cumulatively reduced their holdings in the company by 5,680,075 shares and decided to terminate this share reduction plan ahead of schedule. Shares not yet sold under the plan will no longer be reduced within the remaining period. Based on the average reduction price disclosed in the announcement, the shareholders cashed out approximately 200 million yuan in total from this reduction. The company had pre-disclosed the reduction plan on June 10, 2026. Phichem Holdings and Zhang Yanxia originally planned to reduce their combined holdings by no more than 5,669,464 shares within three months starting 15 trading days after the pre-disclosure announcement, through block trades or centralized bidding, representing no more than 1.00 percent of total share capital. Because the registration of shares vested under the first归属 period of the 2025 restricted stock incentive plan was completed in June 2026, total share capital increased from 566,946,450 shares to 570,033,250 shares, and the planned reduction amount was correspondingly adjusted to no more than 5,700,332 shares, with the proportion of total share capital unchanged. On the same day, the board also received a notification letter from Phichem Holdings and its concert parties Zhang Justin Jicheng, Zhang Alan Jian, Zhang Yanxia, and Xia Shifeng stating that their equity change had reached 1 percent. From May 20, 2025 to September 29, 2026, the combined shareholding ratio of the above shareholders decreased from 22.00 percent to 20.79 percent. Phichem is mainly engaged in the research, development, production, and sales of electronic chemical materials. Its 2026 semi-annual report showed that during the reporting period it achieved total operating revenue of 1.722 billion yuan, up 17.79 percent year on year; net profit attributable to the parent company was 267 million yuan, up 23.20 percent year on year; non-GAAP net profit was 260 million yuan, up 47.19 percent year on year; and net cash flow from operating activities was 478 million yuan, up 101.81 percent year on year.
Critical Materials & Supply Chain › Process Chemicals & Photoresist Capital
300398.CS · Capital · Negative Controlling shareholder and concert parties sold 5.68 million shares for about 200 million yuan, reducing their stake from 22.00% to 20.79%.
Valterra Platinum Fair Value Raised to ZAR 1,373.14 as Analysts Split
Simply Wall St's updated fair value estimate for Valterra Platinum has moved from ZAR 1,344.81 to ZAR 1,373.14, with the revision accompanied by split analyst commentary on the stock. On the bullish side, Berenberg keeps a Buy rating with a 7,500 GBp price target, RBC Capital maintains an Outperform rating with a 7,200 GBp target, and Jefferies starts coverage with a Hold rating and a ZAR 1,250 target, citing expectations for improving fundamentals and higher EBITDA while waiting for a better entry point. On the bearish side, Barclays cuts Valterra Platinum to Underweight from Equal Weight with a ZAR 1,260 target, pointing to valuation and limited upside to current volume guidance, while JPMorgan keeps an Underweight rating even after lifting its target to US$67. The model update also shows the projected ZAR revenue decline moderating from 4.92% to about 4.13%, the expected net profit margin easing from 20.56% to about 19.70%, the future P/E multiple shifting from 21.4x to about 22.4x, and the discount rate edging higher from 18.73% to about 18.84%.
Critical Materials & Supply Chain › Precious Metals Capital
VALT.LSE · Capital · Neutral Analysts are split on Valterra Platinum as its fair value estimate was raised to ZAR 1,373.14 amid mixed ratings and targets.
BARC.LSE · Capital · Neutral Barclays cuts Valterra Platinum to Underweight from Equal Weight with a ZAR 1,260 target.
JEF · Capital · Neutral Jefferies starts coverage on Valterra Platinum with a Hold rating and ZAR 1,250 target, an analyst action on the stock.
JPM · Capital · Neutral JPMorgan keeps an Underweight rating on Valterra Platinum while lifting its target to US$67.
RY · Capital · Neutral RBC Capital maintains an Outperform rating with a 7,200 GBp target on Valterra Platinum.
Thermoplastic Polyimide Market to Reach USD 0.86 Billion by 2032, MarketsandMarkets Says
The global Thermoplastic Polyimide market is projected to grow from USD 0.56 billion in 2026 to USD 0.86 billion by 2032, registering a CAGR of 7.4% during 2026–2032, according to MarketsandMarkets. Asia Pacific accounted for 35% of the global market in 2025 and is projected to register the highest CAGR of 8.3% during 2026–2032, supported by advanced-material manufacturing in Japan, China, South Korea, India, and Malaysia. Within the market, resin held the largest share by form and is projected to remain the leading form through 2032, while unfilled thermoplastic polyimide held the largest share by product type. Electrical & Electronics accounted for the largest share by end-use industry and is projected to grow at a CAGR of 8.3% through 2032, driven by demand for miniaturized, high-performance components and advanced semiconductor manufacturing. Key players cited include Mitsui Chemicals, SABIC, Mitsubishi Gas Chemical, Solver Polyimide, Huntsman, Jiangsu Junhua HPP, Changzhou Sunchem New Material, Wanhua Chemical, Arakawa Chemical Industries, Arkema, Evonik, and Kingfa Sci. & Tech.
