Research Archive
08/25/10 LyondellBasell - Please call Stephen Matthews for full note, 1 212 359 8292
LyondellBasell - Positive catalysts abound
08/23/10 Industry Note
US Chemicals – Expecting positive revisions in H2’10
08/16/10 LyondelBasell - Please call Stephen Matthews, 1 212 359 8292 for full note Company Note
LyondellBasell – “Blow-out” results highlight up-cycle leverage
08/10/10 Solutia Company Note
Solutia – Underappreciated and undervalued
08/10/10 Braskem S.A. Company Note
Braskem – Margin expansion and lower debt levels in Q2’10
08/05/10 Huntsman Company Note
Huntsman – Broad based margin and volume strength
08/04/10 Industries Qatar Company Note
Industries Qatar – “Buoyant” steel leads to earnings beat
08/03/10 Westlake Chemical Company Note
Westlake Chemical – Olefins cost advantage coming through
08/03/10 Dow Chemical Company Note
Dow Chemical – Outage driven earnings miss
08/02/10 Industries Qatar Company Note
Industries Qatar – Tepid budget and business plan
07/29/10 Methanex Company Note
Methanex - Outage driven earnings decline
07/29/10 Celanese Company Note
Celanese - Volume driven Q2 beat
07/27/10 DuPont Company Note
DuPont - Broad based earnings improvement
07/27/10 Solutia Company Note
Solutia - Reiterated EBITDA guidance still above consensus
07/26/10 Industry Note
Secular shifts from shale
07/19/10 Industry Note
Expecting broad based earnings strength in Q2'10
07/12/10 Global Chemicals
Global Chemicals - Bullish on ethane based economics
07/06/10 SABIC Company Note
SABIC - Expecting another strong quarter
06/28/10 Industry Note
US Chemicals: Currency headwinds ahead?
06/21/10 Industry Note
Global Chemicals - Cyclical and secular growth from autos
06/15/10 Methanex Company Note
Methanex - Undervalued even at floor prices
06/08/10 SABIC
An undervalued emerging markets energy play?
06/01/10 LyondellBasell - Please call Stephen Matthews for access to full note, 1 212 359 8292 Company Initiation
LyondellBasell Up-Cycle leverage at near trough valuations
06/01/10 LyondellBassell Company Initiation
Up-Cycle leverage at near trough valuations
05/25/10 Middle Eastern Chemicals Industry Note
Sifing through the rubble and finding opportunities
05/18/10 Industry Note Industry Note
Global Chemicals - The China Effect
05/12/10 Solutia Company Initiation
Solutia - Re-rating with a recover kicker, initiating at Overweight
05/10/10 US Chemicals Industry Note
Could the capacity addition wave be a whimper
05/03/10 SABIC and Industries Qatar Company Note
Middle Eastern Chemicals
04/28/10 Dow Chemical Company Company Note
Dow Chemical - Popping plastics; performance performing
04/27/10 E. I. du Pont de Nemours Company Note
DuPont – Auto and housing leverage; raising TP to USD45
04/27/10 Celanese Company Note
Celanese - Volume driven Q1 beat
04/26/10 Industry Note
Middle Eastern Chemicals
04/19/10 Industry Note Industry Note
Expecting broad based earnings strength in Q1
04/13/10 Industries Qatar Company Note
Industries Qatar – Addressing the concerns
04/05/10 Methanex Company Note
Methanex - Highly cash generative even at "floor" prices
03/29/10 Dow Chemical Company Note
Dow Chemical - History suggests Dow is undervalued
03/22/10 Braskem Company Note
Braskem – The glass may be half full; reiterate Overweight
03/17/10 SAFCO Company Note
SAFCO - Raising Target Price
03/15/10 Saudi Basic Industries (SABIC) Company Note
SABIC - Stage set for a monster Q1: reit O/W
03/10/10 Advanced Petrochemical Company Company Initiation
Advanced Petrochemical Company - Initiating at Neutral
03/08/10 Dow Chemical Company Note
Hypothesizing a Dow - Reliance alliance
03/03/10 Braskem Company Note
Braskem - Strong profitability
03/03/10 Global Chemicals Industry Note
Chemical Sector M&A
03/01/10 Industries Qatar Company Note
Industries Qatar - The market is forward looking (we think!)
02/24/10 Middle Eastern Chemicals Industry Note
Mixed feed, mixed economics, mixed sentiment
02/23/10 Westlake Chemical Company Note
Westlake Chemical - In-line Q4'09 results
02/22/10 Industrial Gases Company Initiation
Industrial Gases - Dense gases rising
02/19/10 Huntsman Company Note
HUN - Broad based recovery Q4 beat
02/16/10 Industry Note Industry Note
To LNG or not to LNG
02/11/10 Westlake Chemical Corporation Company Initiation
Westlake Chemical - Chain divergence
02/09/10 Celanese Company Note
Celanese - Nice beat on acetyl strength
02/08/10 Industries Qatar Company Note
Industries Qatar - Fundamentally misunderstood
02/04/10 Huntsman Company Initiation
Huntsman - Recovery mostly priced in
02/02/10 Dow Chemical Company Note
Dow Chemical - Earnings beat
02/01/10 Celanese Company Initiation
Celanese: The model and molecule
01/28/10 Methanex Company Note
Methanex - Slight earnings miss
01/26/10 DuPont Company Note
DuPont - Volume driven earnings beat
01/25/10 DuPont Company Initiation
DuPont - Awaiting an entry point
01/19/10 SABIC Company Note
SABIC - Large earnings beat
01/19/10 Yanbu National Petrochemical Company Company Initiation
Yansab - Unexciting valuation
01/14/10 Industries Qatar Company Note
IQCD – Cracking the gas price formula
01/14/10 Saudi Arabian Fertilizer Company (SAFCO) Company Initiation
SAFCO - Improving fundamentals
01/12/10 Saudi Kayan Company Initiation
Saudi Kayan - Mediocre Economics
01/06/10 Methanex Company Initiation
Methanex – The best is yet to come
12/16/09 Industry Initiation
Global Chemicals – The time is now!
12/16/09 Saudi Basic Industries Corporation Company Initiation
SABIC – Cautious consensus
12/16/09 Industries Qatar Company Initiation
Industries Qatar – More room to run
12/16/09 Braskem S.A. Company Initiation
Braskem – consolidation kudos
12/16/09 Dow Chemical Company Company Initiation
Dow Chemical – Still a value play