Commodity Chemicals

Xinfengming held its 2026 semi-annual results briefing on October 9, responding to questions about improved first-half performance without profit distribution, and a sharp decline in operating cash flow despite a surge in net profit. In the first half, the company achieved operating revenue of 40.691 billion yuan, up 21.50 percent year on year; net profit attributable to the parent company was 1.439 billion yuan, up 103.16 percent year on year. However, net cash flow from operating activities was negative 2.788 billion yuan, a sharp year-on-year decline. The company said this was mainly related to an increase in inventory goods and reflected a phase-specific operating characteristic. Regarding the decision not to distribute profits for the 2026 semi-annual period, Xinfengming said the industry it operates in is a heavy-asset, cyclical industry, and that it will formulate a reasonable cash dividend mechanism by combining its cash dividend policy and fully considering cash flow, capital expenditure, and other factors. The company's financial expenses in the first half rose 26.05 percent year on year, mainly due to an increase in exchange gains and losses and a decrease in interest income, with relatively little impact from the progress of overseas projects. Regarding the 360,000-ton project in Egypt, the company said total investment is about 280 million US dollars, funded by its own capital plus overseas bank financing. It has completed overseas investment filings with the National Development and Reform Commission and the provincial commerce department and obtained the overseas investment certificate, though construction progress involves some uncertainty. In addition, on October 8 the company disclosed share reduction results: Vice President Shen Jianyu reduced holdings by 720,000 shares, accounting for 0.0429 percent of total share capital; Vice President Xu Jizhong reduced holdings by 120,000 shares, accounting for 0.0072 percent of total share capital; and employee representative director, vice president, and board secretary Yang Jianfei has not yet implemented any reduction.

Domestic prebaked anode prices have risen for the second consecutive month, reaching a near three-year high. A reporter from Cailian Press recently learned from the industry chain that a large electrolytic aluminum plant in Shandong raised its October 2026 prebaked anode procurement benchmark price by 400 yuan per tonne compared with September, implementing a cash price of 6,130 yuan per tonne. This marks the second consecutive monthly increase since the 100 yuan per tonne rise in August. Currently, prebaked anode market prices in the Shandong region have climbed to between 6,130 yuan and 6,430 yuan per tonne, up about 25 percent year on year, the highest since February 2023. The direct driver of this round of price increases is raw material costs. Coal tar pitch remains at elevated prices due to tight supply of high-temperature coal tar, while petroleum coke prices have also rebounded in some areas. Data from Longzhong Information shows that petroleum coke prices have risen from about 2,500 yuan per tonne at the start of the year to above 3,100 yuan per tonne by the end of September. Global downstream consumption continues to expand, and domestic demand in new energy sectors such as power batteries and energy storage remains strong, directly boosting domestic aluminum consumption and providing rigid support for prebaked anodes. As the world's leading commercial prebaked anode producer, Sunstone Development has 4.06 million tonnes of prebaked anode production capacity in operation in 2026, with an additional planned capacity of about 1.12 million tonnes under preparation. The company said that with cost control measures such as centralized petroleum coke procurement and intelligent blending, as well as scale advantages, its profit margin is expected to be further optimized.

Solstice Advanced Materials announced plans to invest $49 million to expand research and development capabilities at its Buffalo, New York facility. The investment is supported by up to $1.4 million in performance-based tax credits from New York State through the Excelsior Jobs Program, administered by Empire State Development. The project will establish a next-generation innovation platform at the Buffalo research campus, including expanded refrigerant and thermal management research, enhanced toxicological testing, and a new lab for advanced energy storage materials. Solstice has committed to creating 12 new full-time positions at the Buffalo facility by June 2027. The site employs approximately 180 scientists, engineers and support staff and has generated more than 3,700 patents globally since opening in 1955.

Fiberglass giant Sinoma Science & Technology has completed its private placement, issuing a total of 87.1819 million shares to 15 investors at 51.40 yuan per share, raising 4.481 billion yuan in total. Well-known investor Ge Weidong participated in the subscription with the highest bid in the entire offering and was ultimately allotted about 700 million yuan, becoming the company's fifth-largest shareholder. Wang Ping, who entered the stock earlier and is closely associated with Ge Weidong, ranks as the company's ninth-largest shareholder.

Sinoma Science & Technology disclosed on the evening of October 8 the results of its 2025 share issuance to specific investors, issuing a total of 87.1819 million shares to 15 investors at 51.40 yuan per share and raising 4.481 billion yuan, of which more than 3.1 billion yuan will go to an electronic fiber cloth capacity expansion project. Specifically, 1.662 billion yuan of the 4.481 billion yuan is planned for a project with annual output of 35 million meters of low-dielectric fiber cloth, and 1.475 billion yuan is planned for a project with annual output of 24 million meters of ultra-low-loss low-dielectric fiber cloth. Institutions were the main force in this placement. E Fund received 19.8833 million shares worth 1.022 billion yuan, making it the largest subscriber. Caitong Fund and Nuode Fund received 485 million yuan and 427 million yuan respectively. UBS AG, Harvest Fund, Huatai Asset Management, and China Life Pension also participated. China National Building Material United Investment, a wholly owned subsidiary of the company's actual controller China National Building Material Group, received 820 million yuan for 15.9562 million shares with an 18-month lock-up period. Well-known retail investor Ge Weidong received 13.6187 million shares worth about 700 million yuan. His subscription bid at the highest tier of 59.15 yuan per share was the highest bid of the day. His wife Wang Ping had already become a top-ten shareholder in the second quarter of this year, holding 7.4639 million shares as of the end of the first half of 2026, accounting for 0.44 percent of total share capital. Retail investors Zhong Ge and Chen Xuegeng each received 1.9455 million shares worth about 100 million yuan.

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.

Acetron announced on October 9 that the company has received the second tranche of national project special funds in cash, amounting to 20 million yuan. In the first half of 2026, Acetron achieved revenue of 783 million yuan and net profit attributable to the parent company of 36.88 million yuan.

Sinoma Science & Technology's private placement has been completed, with well-known investor Ge Weidong securing an allocation of approximately 700 million yuan at the highest bid of the session, making him the company's fifth largest shareholder. According to the company's announcement on the evening of October 8, a total of 87.1819 million shares were issued to 15 subscribers at 51.40 yuan per share, raising 4.481 billion yuan. Ge Weidong submitted three bids of 59.15 yuan, 57.85 yuan, and 56.55 yuan, with 59.15 yuan being the highest bid of the day, and was ultimately fully allocated 13.6187 million shares with a six-month lock-up period. Wang Ping, who is closely associated with him, had entered the market earlier, becoming a top ten shareholder in the first half of the year. After this issuance, the two together hold 21.0826 million shares, worth approximately 1.097 billion yuan based on the closing price of 52.01 yuan per share on October 8. Institutions were the main subscribers, with E Fund Management becoming the largest subscriber at 1.022 billion yuan, while Caitong Fund and Nuode Fund contributed 485 million yuan and 427 million yuan respectively. China United Investment, a wholly-owned subsidiary of the actual controller China National Building Material Group, was allocated 820 million yuan, constituting a related-party transaction with an 18-month lock-up period.

Zacks Investment Research featured Chime Financial, Marqeta and Kronos Worldwide in its Analyst Blog as three stocks with projected third-quarter earnings growth of 100% or more. Chime Financial raised its third-quarter 2026 revenue guidance to $705 million, implying roughly 30% year-over-year growth, and adjusted EBITDA guidance to $117-$120 million, while announcing a $590 million agreement to acquire Stride Bank that it expects to create more than $100 million in net synergies over time. The consensus estimate for Chime's third-quarter earnings is 8 cents per share, up 153.3% year over year, with the estimate up 60% over the past 60 days. Marqeta's third-quarter consensus estimate is 7 cents per share, up 275% year over year, after second-quarter total processing volume rose 32% and adjusted EBITDA jumped 31%. Kronos Worldwide's third-quarter consensus estimate is 16 cents per share, an upside of 188.9% year over year, following a 15.9% rise in second-quarter sales volumes. Zacks said S&P 500 earnings are expected to increase 24.6% year over year on 11.6% higher revenues, the eighth consecutive quarter of double-digit earnings growth.

Kingfa Sci & Tech issued a customer notice on October 8 announcing price adjustments for related modified plastics products. Modified PA6 will rise by 2,500 yuan per tonne, while modified PP, modified PE, modified PA66, and modified PBT will rise by 2,000 yuan per tonne. Modified ABS, modified PS, and modified PC will rise by 1,500 yuan per tonne, and modified PVC will rise by 1,000 yuan per tonne. The adjustment applies to orders received starting October 8, 2026. The company said the price increase was forced by circumstances. Ongoing turbulence in the Middle East has kept international oil prices elevated for a long time, directly pushing up the prices of core petrochemical raw materials for modified plastics. Costs for chemical additives, energy, and production and processing have also risen, and the resulting cost increases have far exceeded the company's internal capacity to absorb them. Public information shows that Kingfa Sci & Tech is a leading domestic modified plastics producer. Its modified plastics products are widely used in manufacturing sectors such as automobiles, home appliances, electronics and electrical equipment, and new energy equipment, with downstream coverage of a large number of manufacturing enterprises.

Kingfa Sci & Tech, the world's largest modified plastics producer, has issued a customer notice announcing a new round of price adjustments for multiple modified plastic products, with increases ranging from 1,000 yuan to 2,500 yuan per tonne, effective for orders received from October 8, 2026. According to the notice, the price increases cover the company's main modified plastics product lines: modified PA6 rises by 2,500 yuan per tonne, modified PP, modified PE, modified PA66 and modified PBT rise by 2,000 yuan per tonne, modified ABS, modified PS and modified PC rise by 1,500 yuan per tonne, and modified PVC rises by 1,000 yuan per tonne. Kingfa Sci & Tech said that continued turbulence in the Middle East has kept international oil prices elevated for a long period, directly pushing up the prices of core petrochemical raw materials for modified plastics, while costs for chemical additives, energy and production processing have also risen, and the resulting cost increases have far exceeded the company's internal capacity to absorb them. This is Kingfa Sci & Tech's second large-scale price increase this year. In March, the company issued an open letter to customers announcing price increases for some products, but the previous round of increases did not bring a simultaneous recovery in profit. A Shenwan Hongyuan research report noted that, affected by a pulsed rise in oil prices and a lag in product price transmission, Kingfa Sci & Tech's gross profit per tonne of modified plastics in the second quarter fell by 204 yuan year on year, and its gross margin declined by 1.15 percentage points to 22.07 percent.

Times New Material announced that from July 1 to September 30, 2026, the company signed blade sales contracts with major wind turbine manufacturers for the sale of wind turbine blades and related services, with a total contract value of approximately 4.394 billion yuan including tax. Of this total, domestic offshore wind contracts amounted to 214 million yuan, domestic onshore wind contracts to 3.86 billion yuan, and overseas onshore wind contracts to 320 million yuan. The contracts will be delivered in stages according to agreed terms. The impact on the company's 2026 current-period performance remains uncertain, but it is expected to have a positive effect on the company's results.

Lopal Technology, which hit the daily price limit for two consecutive trading days, announced that its second-tier holding subsidiary Nanjing Lithium Source Nanotechnology has signed a Strategic Cooperation Framework Agreement with Zhejiang Jiyangtongxing Energy Technology. Under the agreement, from 2026 to 2030, Lopal will sell a total of 378,600 to 567,800 tonnes of lithium iron phosphate cathode material to Jiyangtongxing, with the agreement valid from January 1, 2026 to December 31, 2030, a period of five years. Jiyangtongxing was established in January 2025 with registered capital of 1 billion yuan and is the battery business entity under Geely Holding, responsible for the research, development and industrialisation of Geely's Shield Aegis battery. Lopal Technology entered the lithium iron phosphate cathode material industry in 2021 and ranked seventh globally by 2025 shipments. Its first-phase 30,000-tonne capacity at its Batang base in Indonesia is already fully operational, the second-phase 90,000-tonne capacity is ramping up, and the third-phase 120,000-tonne capacity is under construction. Once all phases are completed, total overseas capacity will reach 240,000 tonnes. This is another major long-term order secured by Lopal Technology over the past year. Since 2025, the company has signed multiple long-term supply agreements with customers including CATL, EVE Energy, Sunwoda, Chunen New Energy and LG Energy Solution, with cumulative new long-term orders exceeding 60 billion yuan, covering the period from 2025 to 2031. Lopal Technology said that if the agreement is fulfilled smoothly, it will have a positive impact on the company's future performance, but noted that the agreement is a strategic cooperation framework rather than a rigid price- and volume-locked contract, and the final realised scale will still depend on downstream demand, capacity commissioning and product validation progress.

Times New Material announced on the evening of October 8 that from July 1, 2026 to September 30, 2026, the company signed blade sales contracts with major wind turbine manufacturers, with a total contract value of approximately 4.394 billion yuan including tax. Of this, domestic offshore wind accounts for 214 million yuan, domestic onshore wind accounts for 3.86 billion yuan, and overseas onshore wind accounts for 320 million yuan. These contracts are part of Times New Material's routine operating contracts. Due to the impact of specific delivery batches and acceptance timing, the effect on the company's 2026 current-period performance remains uncertain, but the performance period of the contracts is expected to have a positive impact on Times New Material's results. According to Times New Material's 2026 semi-annual report, during the reporting period the wind turbine blade segment achieved sales revenue of 4.806 billion yuan, up 22.88 percent year on year, and newly signed blade sales orders of 5.336 billion yuan, up 13.75 percent year on year, of which overseas orders were 581 million yuan, up 100 percent year on year.

Yonghe Shares announced that it expects net profit attributable to shareholders of the listed company for the first three quarters of 2026 to be between 760 million yuan and 860 million yuan, up 61.96% to 83.27% year on year. The change in performance is mainly due to the fluoropolymer materials business continuing its high-growth trend, with new production capacity gradually being released and downstream markets expanding, leading to a significant year-on-year increase in product production and sales volumes and a steady rise in gross margin. The refrigerant business, supported by a diversified product structure and integrated industrial chain advantages, maintained solid overall profitability. Among this, the company's net profit for the third quarter is expected to be between 247 million yuan and 347 million yuan, while net profit for the second quarter was 333 million yuan. Based on this calculation, third-quarter net profit is expected to change quarter on quarter by a decline of 25% to an increase of 4%.

Chime Financial, Marqeta and Kronos Worldwide are three stocks projected to deliver third-quarter earnings growth of 100% or more as the earnings season gets underway. According to the latest Earnings Preview, S&P 500 earnings are expected to increase 24.6% year over year on 11.6% higher revenues, the eighth consecutive quarter of double-digit earnings growth, with fifteen of the 16 Zacks sectors expected to report year-over-year earnings growth. Six sectors are projected to deliver double-digit earnings growth in the third quarter, led by Aerospace at 159.7%, Energy at 114.3% and Technology at 43.3%. Chime Financial raised its third-quarter 2026 revenue guidance to $705 million, implying approximately 30% year-over-year growth, and announced a $590 million agreement to acquire Stride Bank; its consensus third-quarter earnings estimate of 8 cents per share is up 153.3% year over year and has increased 60% over the past 60 days. Marqeta's consensus third-quarter earnings estimate is 7 cents per share, up 275% year over year, with estimates up 40% over the past 60 days, while Kronos Worldwide's consensus estimate of 16 cents per share indicates an upside of 188.9% year over year, with estimates up 128.6% over the past 60 days.

Shares of Indorama Ventures Public Company Limited, or IVL, rose 2.70% to 28.50 baht at 14:32 on October 7, 2026, with trading value of 555.92 million baht. Krungsri Securities Public Company Limited selected IVL as one of its top picks for investment in the fourth quarter of 2026 under the NTM Re-rating theme, after the PET industry began entering a recovery cycle driven by the gradual closure and restructuring of high-cost petrochemical plants worldwide, together with limited new capacity additions, which helps ease the oversupply problem and supports the Integrated PET spread as well as IVL's margins recovering over the medium to long term. Meanwhile, IVL's businesses are starting to show positive signals across all segments, especially Indovinya and Fibers, which have better ability to raise selling prices. As for the restructuring of its EO/EG business in the United States, although it creates additional expenses in the short term, it is expected to help reduce costs and increase returns on assets in the long term. In addition, IVL stands to benefit from Super El Niño conditions, which could pressure cotton output and push cotton prices higher, prompting textile producers to turn to polyester fibers, a positive for demand for IVL's Fibers and PET products in terms of both sales volume and capacity utilization rates. Krungsri Securities expects IVL's operating results in 2026-2028 to turn around from losses to consistent profits, estimating normal profit of approximately 6.232 billion baht in 2026 before rising to 8.436 billion baht in 2027 and 9.841 billion baht in 2028. Net profit in 2026 is expected at approximately 7.882 billion baht, compared with a net loss of 7.348 billion baht in 2025. It maintains a Buy recommendation and a 2027 target price of 28 baht per share, viewing the stock as still trading at a forward P/BV of about 1.3 times, below its long-term average, reflecting the opportunity for a valuation re-rating in line with the recovery in earnings and the industry.

Gulf Resources, Inc. said it received a letter from Nasdaq Listing Qualifications staff on October 1, 2026, confirming the company has regained compliance with the periodic filing requirement under Listing Rule 5250(c)(1). The staff determined that the company now complies with the rule, according to the announcement. Gulf Resources, which trades on the Nasdaq under the ticker GURE, describes itself as a leading manufacturer of bromine and crude salt in China. The company operates through three wholly-owned subsidiaries: Shouguang City Haoyuan Chemical Company Limited, Daying County Haoyuan Chemical Company Limited, and Shouguang Hengde Salt Industry Co. Ltd.

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.

Refining and petrochemical shares rallied strongly, with PTTGC at 52.00 baht, up 1.75 baht or 3.48%, TOP at 73.75 baht, up 2.25 baht or 3.15%, and IRPC at 3.00 baht, up 0.08 baht or 2.74%. The gains were driven by expectations of tighter refined fuel supply in Asia after Chinese refineries suspended exports of oil products in October 2026 to preserve domestic inventory levels, while PetroChina cancelled some gasoline and jet fuel exports. As a result, the Asian gasoline crack spread rose above 50 dollars per barrel against Brent crude, and the 10 ppm low-sulphur diesel crack spread climbed to above 87 dollars per barrel from around 22 dollars per barrel before geopolitical tensions flared. The situation is a direct positive for TOP, whose core business is refining, and for IRPC, which has an integrated refining and petrochemical business. PTTGC also has its own company-specific catalyst from progress in studying the formation of a joint venture for olefins and polyolefins in Thailand with SCGC, which has entered the confirmatory due diligence stage and is expected to finalise key details within October 2026, with PTTGC to be the major shareholder in the joint venture.

Guangzhou Tinci Materials Technology, the global leader in electrolytes, has officially entered the countdown to its H-share issuance. On October 5, the Hong Kong Stock Exchange disclosed that it had passed the main board listing hearing, with J.P. Morgan, CITIC Securities, and GF Securities serving as joint sponsors. Founded in 2000 and headquartered in Guangzhou, Tinci Materials listed on the Shenzhen Stock Exchange in 2014. As of the close on September 30, its A-share price stood at 31.20 yuan, with a total market capitalization of approximately 63.6 billion yuan. The company first filed on September 22, 2025, but that filing lapsed. It filed again on March 27, 2026, and received the China Securities Regulatory Commission's approval for overseas issuance and listing on August 19, planning to issue no more than 413 million ordinary shares overseas. Since 2016, the company has ranked first globally in electrolyte shipments for ten consecutive years, with a global market share of about 36% in 2025. It is also the world's largest supplier of lithium hexafluorophosphate and lithium bis(fluorosulfonyl)imide, with lithium hexafluorophosphate shipments accounting for 38.2% of the global market in 2025 and LiFSI shipments accounting for 47.2% of the global share. The prospectus shows that from 2023 to 2025, the company's operating revenue was 15.405 billion yuan, 12.518 billion yuan, and 16.65 billion yuan respectively, with net profit of 1.842 billion yuan, 478 million yuan, and 1.344 billion yuan respectively. In the first half of 2026, operating revenue reached 14.71 billion yuan, up 109.28% year on year, with net profit attributable to the parent company of 2.861 billion yuan, a surge of 967.91% year on year, and non-GAAP net profit of 2.807 billion yuan, a surge of 1096.69% year on year. The comprehensive gross margin rose to 33.55%. About 80% of the net proceeds from this H-share listing will be used for global business development, of which about 60% will go directly to the Morocco project and other overseas expansion as well as global upstream resource investment, about 10% to research and development, and the remaining about 10% to supplement working capital.

Methanex has announced a partial redemption of US$300 million of its 5.125% senior notes due October 15, 2027, with the redemption scheduled for October 19, 2026. The move puts a fresh spotlight on the company's balance sheet, and Methanex plans to reduce leverage significantly by repaying $550 million to $600 million in debt over the next 18 months, which is expected to improve net margins and increase financial stability. The strategic OCI acquisition is expected to expand Methanex's capacity and market reach while generating synergies and contributing to higher earnings and efficiency in financial operations. The shares have climbed strongly, with a 90 day share price return of 27.81% and a year to date share price return of 48.63%, while the 1 year total shareholder return of 54.63% points to solid longer term momentum, even as short term moves have softened slightly around the partial debt redemption news. At a last close of CA$83.19 versus a narrative fair value of CA$91.07, Methanex screens as modestly undervalued, though at a P/E of 51.2x the stock is priced far above both the North American Chemicals industry on 21.5x and a fair ratio of 21.1x.

KB Securities analyst Wooje Chun named Hanwha Solutions and DL Holdings as top solar stock picks, arguing that surging electricity prices more than offset higher module costs and interest rates. Module prices are expected to climb from $0.30-0.33 per watt to $0.38-0.437 per watt, a 32% increase, but because modules account for only 31% of costs for utility-scale systems and 11% for residential installations, the overall impact on total investment costs stays modest at 3-10%. The U.S. 10-year Treasury yield rose from 4.42% in the second quarter of 2026 to 5.24% as of September 28, while three-year PJM power futures jumped to $89.5 per megawatt-hour on September 28, up 37% year-over-year and 20% from the second quarter of 2026, with MISO up 14% and ISO-NE up 15%. KB Securities calculates that a 14% rise in power purchase agreement prices would lift revenue by $36.1 million for a typical 100-megawatt utility-scale solar plant, while higher interest rates would add only $3.3 million in interest expense, and even a 16% increase in total investment costs would be offset by a 5.6% hike in PPA prices. Hanwha Solutions is favored for its EPC and third-party ownership businesses and its module business, which produces 80% of its output in the United States, while DL Holdings benefits from two U.S. gas-fired power plants in the PJM market totaling 2.1 gigawatts, held at 25% and 30% ownership stakes, as power purchase prices rise without matching increases in Henry Hub natural gas prices.

Hawkins, Inc. has completed the acquisition of the assets of Eagle Labs, Inc., expanding its Water Treatment business into the Dallas–Fort Worth region of Texas. Eagle Labs distributes water treatment products directly to customers in Texas and has in-house manufacturing capabilities. The acquisition adds two locations in the Dallas–Fort Worth area, increasing Hawkins' total Water Treatment facilities in Texas to seven; Hawkins first entered the Texas market in fiscal 2022. According to Hawkins, Eagle Labs brings expertise in coagulants and polymers, along with a customer service model that complements Hawkins' existing Water Treatment operations in the state, and has served North Texas and surrounding areas for more than 30 years. Hawkins has also opened a new facility in the Dallas–Fort Worth area, which the company expects, together with the acquired Eagle Labs operations, to strengthen its ability to serve water treatment demand across the region.

P.S.P. Specialties, or PSP, has announced a strategic partnership with Orthene Chemical Co., Ltd., or Orthene, an international expert in the development and production of brake fluid products with more than 50 years of experience, to expand its business into automotive brake fluids and raise its production to international standards by establishing a production base in Thailand to serve demand across the ASEAN region. Under this partnership, PSP has been appointed as Orthene's Exclusive Regional Manufacturing Hub for the ASEAN region, covering Thailand, Vietnam, Indonesia, Malaysia, Singapore, the Philippines, Cambodia, Laos, Brunei and Myanmar. PSP will receive direct transfers of knowledge, product formulas and production technology from Orthene, making it the first in Thailand to bring Orthene's technology and product formulas into domestic production. Orthene, meanwhile, will support technical knowledge, production formulas, product standards, laboratory testing, training, regulatory compliance, as well as continuous product research and development. Mr. Seksan Krongpanich, Deputy Chief Executive Officer of P.S.P. Specialties, said this partnership is an important step for PSP in upgrading its manufacturing capabilities toward specialty products that use high-level technology and quality standards, and in driving Thailand to become a production base for high-quality brake fluid products for the ASEAN market.

Global New Material International Holdings Limited announced that the registration of the share transfer for its acquisition of approximately 29.89% of the shares of Zhejiang Jihua Group Co., Ltd. was completed with China Securities Depository and Clearing Corporation Limited, Shanghai Branch on 29 September 2026. The transaction, signed on 6 February 2026, took approximately eight months to complete and involved a consideration of RMB1,495 million, with subsequent arrangements including the reorganisation of Zhejiang Jihua's board of directors to proceed in accordance with relevant procedures. Zhejiang Jihua operates the world's third-largest dye production base and reported 1H2026 operating revenue of RMB796 million, up 12.27% year-on-year, and net profit attributable to shareholders of RMB46.16 million, up 1,235.47% year-on-year. GNMI, which acquired CQV in Korea in 2023 and SUSONITY for EUR665 million in July 2025, reported 1H2026 revenue of RMB2,558.3 million, up 180.5% year-on-year, and issued RMB1.3 billion in convertible bonds on 24 September 2026 at an initial conversion price of HK$10.93 per share. Dr SU Ertian has increased his shareholding on multiple consecutive occasions and currently holds 36.4% of the Company's shares.

Asia Plus Securities research has issued an analysis of PTTGC and SCC shares after both companies notified the Stock Exchange of Thailand of progress in their feasibility study on a strategic joint venture between PTTGC and SCGC in the olefins and polyolefins business in Thailand. The two parties have reached a preliminary agreement on the scope of the joint venture, or JV Scope. PTTGC is expected to be the major shareholder in the joint venture, while SCGC will retain a significant stake in the venture. The research team views this JV as a strategic reset for PTTGC during the downturn phase of the petrochemical cycle, helping to reduce downside risk from investing in new capacity expansion in a market that is in a state of oversupply and building leadership in the region's petrochemical business. PTTGC will reinforce strengths on the upstream and feedstock flexibility side, while SCGC will reinforce downstream, HVA and R&D. For SCC shares, the research team views that the key issue is not holding less than 50%, but rather the value of synergies and the economic returns from the JV. Not consolidating the financial statements may make the balance sheet more efficient, and petrochemical business profit would shift from recognition through EBITDA to equity income. The research team recommends trading PTTGC shares with a target price of 48 baht and recommends buying SCC shares with a fair value of 310 baht. Both companies will finalize key transaction details, such as the shareholding structure, operational steps and synergies, by the end of October 2026. The joint venture remains subject to internal approval by both companies, the final valuation and approval from shareholders and joint venture partners.

PTT Global Chemical, or PTTGC, and Siam Cement Group, or SCC, announced that discussions on establishing a joint venture for olefins and polyolefins businesses in Thailand have entered the due diligence stage to verify information. This marks clear progress from the signing of a non-binding memorandum of understanding in April. The proposed joint venture would combine nearly all of the two groups' core olefins and polyolefins assets in Thailand. PTTGC would contribute its olefins production plant, its polyethylene, or PE, production plant, and its investment in HMC Polymers Company Limited. SCC would contribute its olefins production plant in Thailand, its PE and polypropylene, or PP, production plants, as well as SCGC's investments in various joint ventures, namely Siam Polyethylene Company Limited, Siam Synthetic Latex Company Limited, Thai MMA Company Limited, and Bangkok Synthetics Company Limited. PTTGC is expected to be the major shareholder in the joint venture, while SCGC would remain a significant shareholder. Key terms of the transaction are expected to be clarified by October 2026, including the shareholding structure, transaction procedures, and the expected value of the collaboration. After that, requests will be submitted to the Trade Competition Commission, as well as for internal approvals, shareholder approvals, and approvals from partners in the relevant joint ventures.

SCG Chemicals, or SCGC, a subsidiary of Siam Cement, or SCC, and PTT Global Chemical, or PTTGC, reported progress on the establishment of their petrochemical joint venture, or JV, saying it is proceeding according to plan and has entered the confirmatory due diligence stage to verify information. The two sides are also negotiating the key terms of the transaction. The preliminary structure is becoming clearer, with PTTGC to be the major shareholder of the JV while SCGC will hold a significant stake, with the shareholding proportions to be determined by the value of the assets each side contributes to the joint venture. On asset scope, the SCGC side comprises olefins production plants, polyethylene, or PE, plants, polypropylene, or PP, plants, as well as investments in joint ventures including Siam Polyethylene, Siam Synthetic Latex, Thai MMA and Bangkok Synthetics. The PTTGC side covers olefins production plants, PE plants and its investment in HMC Polymers. Neither side has disclosed the expected synergy value from the business combination, and both will accelerate finalisation of the transaction's key elements, including the shareholding structure, the transaction process and the synergy value, with clarity expected by October 2026, before entering the approval process with the shareholders of both parties, the relevant regulators, the Trade Competition Commission and the shareholders of the related joint ventures. Land and Houses Securities estimates that the approval process with the Trade Competition Commission could take about six months. Land and Houses Securities views the matter as positive for both SCC and PTTGC, noting that since the start of the year SCC's share price has risen about 45% compared with a gain of about 132% for PTTGC, and it maintains a buy recommendation on both stocks.