- BUY Entry – 0.51 Target – 0.68 Stop Loss – 0.48
- The company started buying back shares recently, the first time since October 2020. The last time it bought back shares in October 2020 was before its share price started to outperform the broader market.
- Positive fundamental outlook. The company’s production ramp-up in insoluble sulphur and anti-oxidant is expected to offset the potentially weaker price later this year.
- Outperform and TP of S$0.68. We currently have an outperform recommendation, backed by the ASP upswing and increase in sales volume in FY21 and FY22.
China Sunsine’s first buyback since October 2020