汇丰银行-全球-化工行业-波谷与增长：再投资机会

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2、areinvestmentand+442079919243capitalallocationchallengePrateekBhatnagar*,CFAAnalystHSBCSecuritiesandCapitalMarkets(India)PrivateReiterateBuyonSasol(TPZAR500),HoldonSABIC(TPLimitedprateekbhatnagar@hsbc.co.inSAR104fromSAR102),LYB(TPUSD114fromUSD102)and+918045552757DWDP(TPUSD70fromUSD66)D

3、ennisYoo*,CFAOil,Gas&ChemicalAnalyst,Asia-PacificTheHongkongandShanghaiBankingCorporationLimiteddennishcyoo@hsbc.com.hkIncommoditychemicalsmoatsaredrivenprimarilybyadvantagedfeedstock,which+85229966917isscarcebydefinition.TheprimarychallengethenisreinvestmentandcapitalThomasC.Hilboldt*,

4、CFAallocation.Yougetacorebusinessthatthrowsoutgreatcashflows,andhaveaHeadofResources&EnergyResearch,AsiaPacificTheHongkongandShanghaiBankingCorporationLimitedlimitedopportunitywithinthatcore.Incrementalinvestmentoftentendstodilutethethomaschilboldt@hsbc.com.hkmoatandifyoudon’treinvest,t

5、henyouhaveacashutilizationproblem.+85228222922EduardoAltamiranoThere’sbeenawidespectrumofresponsestothischallengefromcompanieswithinAnalyst,LatAmCement&Construction,RealEstateourcoverage.SABIChasstruggledwithdevelopinggrowthplansoutsideofSaudiHSBCSecurities(USA)Inc.eduardo.x.altamirano@

6、us.hsbc.comArabiaonceitbecameclearthattherewaslimitedadditionalgasfeedstockinthe+12125258333Kingdom.Thecompanyisnowrespondingwithanewgrowthpipeline,butarguablyLilyannaYang,CFAhaslostshareandmissedgrowthopportunitiesoverthelastdecade.Sasolhas,overAnalyst,LatAmOil&Gas,Utilities,Petrochems

7、HSBCSecurities(USA)Inc.thesameperiodhadawidevarietyofgrowthplansspanningthewholeglobe(China,lilyanna.yang@us.hsbc.comIndia,Uzbekistan,Canada,Nigeria,US)buthasstruggledtodeliverandexecuteon+12125250990thoseplans.PTTGlobal,unabletogrowinThailandislookingatapotentiallyriskyJohnChu