SINGAPORE (Oct 16): China Sunsine Chemical Holdings, the largest rubber chemical producer in China, is set to benefit from long-term market consolidation, according to KGI Securities Research.

KGI is re-initiating coverage on China Sunsine with an “outperform” rating and a target price of $1.40, representing an upside of close to 18%.

Analyst Chen Guangzhi notes that China currently accounts for 76% of global rubber chemical production. Meanwhile, only 47 producers supplied 90% of the output to China’s market in 2018.

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