Companies that make chemicals — the plastics, paints, cleaning agents and fertilizers used in almost every product you touch, from bottles to farm crops.
Dowstone Technology announced on the evening of September 18 that the fourth meeting of the company's sixth board of directors in 2026 reviewed and approved a proposal to re-evaluate and temporarily suspend the Congo (DRC) annual 30,000-tonne copper cathode hydrometallurgical smelter project. The project's raised funds were originally planned to be 1.104 billion yuan, with an 18-month construction period. As of June 30, 2026, cumulative investment was 131.35 million yuan, representing an investment progress of 11.89%. The company said that due to geopolitical conflicts driving up energy and commodity prices, rising logistics costs, and changes in the security situation in the project area, the project faces significant uncertainty in proceeding as planned. Singapore FOB diesel prices rose from around 75 to 95 US dollars per barrel before the conflict to a peak of 291.62 US dollars per barrel, and as of September 17, 2026, still stood at 191.08 US dollars per barrel. The mid-price of sulphur, FOB Middle East, on September 17, 2026, was about 875 US dollars per tonne, up nearly 70% from before the conflict. The company plans to properly handle procurement contracts already signed for the project, mainly by terminating relevant contracts. Any subsequent costs such as breach-of-contract penalties or progress payments due will be paid with the company's own funds, and any raised funds that need to be returned will be returned to the special account for raised funds. The company stated that this suspension will not have a material adverse impact on current production and operations, and it will focus on ensuring the safe and stable operation of its existing MJM and MMT production bases in Congo (DRC) while prudently controlling new investment.
Albemarle Fair Value Cut 7.8% to US$172.56 as Analysts Reset Lithium Assumptions
Albemarle's fair value estimate has been revised down from US$187.16 to US$172.56, a reduction of about 7.8%, as analysts reset their lithium assumptions. The revision reflects updated modeling assumptions, with revenue growth revised from 7.91% to 5.15%, the net profit margin assumption shifted from 34.27% to 35.74%, the future P/E multiple changed from 11.57x to 10.30x, and the discount rate adjusted from 7.41% to 7.50%. Wall Street targets moved broadly lower: Truist cut its target to US$225 from US$245, Scotiabank trimmed its target to US$190 from US$200 while maintaining an Outperform view, RBC Capital reduced its target to US$166 from US$257 while keeping an Outperform rating, and BofA moved its target to US$155 from US$225. On the bearish side, Morgan Stanley cut its target to US$161 from US$189, Mizuho lowered its target to US$185 from US$205 with a Neutral stance, and JPMorgan reduced its target to US$140 from US$160 while maintaining a Neutral rating after updating its model following the Q2 report.
Cabot Expands Battery Materials Platform With $50M DOE Grant
Cabot Corporation is expanding domestic production of advanced conductive additives at its Franklin, Louisiana, and Pampa facilities through a modified $50 million grant from the U.S. Department of Energy's Office of Critical Minerals and Energy Innovation. The funding, combined with approximately $75 million of Cabot investment, is intended to meet rising demand for energy storage systems, AI infrastructure, data centers, grid modernization and broader electrification. Under the revised agreement, Cabot will redirect funding from its originally planned Michigan project toward a two-site brownfield expansion, a move expected to accelerate development, improve production efficiency and strengthen supply capabilities. The investment will support Franklin's production of LITX advanced battery-grade conductive carbons, while the Pampa facility will establish Cabot's first commercial-scale production of carbon nanostructures and part of its ENERMAX product family, with both projects expected to become operational by the end of 2028. Cabot's shares have gained 17% year to date compared with the industry's 13.7% rise in the same period.
Albemarle Shares Fall 14.3% as Analysts Cut Earnings Estimates
Albemarle has drawn heightened investor attention after its shares returned -14.3% over the past month, compared with a -1.3% change for the Zacks S&P 500 composite and a 6.3% loss for the Zacks Chemical - Diversified industry. For the current quarter, the company is expected to post earnings of $2.55 per share, a change of +1442.1% from the year-ago quarter, though the Zacks Consensus Estimate has fallen 15.9% over the last 30 days. For the current fiscal year, the consensus earnings estimate of $11.39 points to a change of +1541.8% from the prior year and has declined 4.4% over the past month, while the next fiscal year's estimate of $11.07 indicates a -2.8% change and has slipped 3.9%. The consensus sales estimate of $1.52 billion for the current quarter points to a year-over-year change of +16.1%, with $6.1 billion and $6.35 billion expected for the current and next fiscal years. Albemarle reported revenues of $1.74 billion in the last reported quarter, up 31.1% year over year, with EPS of $3.75 versus $0.11 a year ago, and carries a Zacks Rank #3 (Hold) and a Zacks Value Style Score of B.
IFF Launches Omni-Bos PHY Phytase Enzyme for Dairy Cattle
International Flavors & Fragrances has launched Omni-Bos PHY, a phytase enzyme for dairy cattle aimed at improving feed efficiency, nutrient utilization and producer profitability across key emerging regions. The animal nutrition product arrives as IFF shares trade at US$84.91, with a 30-day share price return of 4.83% and a 24.81% year-to-date gain, while total shareholder return stands at 37.06% over the past year and 32.41% over three years, against a 27.02% decline over five years. On the most followed narrative, IFF screens as 10% undervalued, with an estimated fair value of about $94.82 against the recent $84.91 share price, a case that leans on recent divestitures of commodity businesses including Pharma Solutions, Soy Crush, Concentrates and Lecithin, plus the ongoing strategic evaluation of the Food Ingredients segment. Management expects investments in R&D and capacity, especially in Health & Biosciences, Taste and Specialty Fragrance Ingredients, to accelerate revenue and profit growth beginning in 2026 and reaching full impact by 2027. A separate lens using the SWS DCF model points to a future cash flow value of $106.45 at today's $84.91 price, also flagging the stock as undervalued, though ongoing weakness in key markets and pressure in fragrance ingredients could derail the case.
Air Products Signs $250 Million Arizona Semiconductor Gas Supply Deal
Air Products Inc. announced in mid-September 2026 that it has signed a long-term agreement with a leading semiconductor manufacturer and will invest about US$250,000,000 in Arizona to build, own and operate high-purity gas supply infrastructure for the customer's expanding U.S. manufacturing and advanced packaging facilities. The Arizona project is the second recent semiconductor manufacturing supply win for the company, and together with its large semiconductor gas supply project in Pyeongtaek, South Korea, it lifts total announced semiconductor investment above US$900,000,000. Air Products' narrative projects $16.0 billion in revenue and $3.9 billion in earnings by 2029, requiring 8.4% yearly revenue growth and an earnings increase of about $3.9 billion from -$47.3 million today. Three members of the Simply Wall St Community currently place Air Products' fair value in a tight US$342 to US$360 range, against a forecast fair value of $342.42 that implies 20% upside to the current price.
Ashland has put a new US$1b share repurchase plan on the table, doubling its prior authorization as management leans into cost savings and portfolio pruning to support margins and free cash flow. The buyback news comes as Ashland's share price has slipped 5.24% over the past 30 days, though the stock's year-to-date share price return of 16.57% and 1-year total shareholder return of 38.46% point to momentum building around the cost savings and buyback story. Ashland's most followed valuation narrative pegs fair value at $80.18 against a last close of $69.77, a roughly 13% discount, while a separate earnings-based view flags the stock's P/E of 42.6x against a fair ratio of 26.6x, a US Chemicals sector average of 23.2x, and a peer group closer to 20.7x. The company's specialty chemicals portfolio is positioned around high-value, sustainable, and compliant solutions, which is expected to support top-line revenue growth and margin resilience over the long term. The story could still break if demand softness in key export markets keeps squeezing Specialty Additives, or if portfolio pruning leaves growth and earnings more fragile than expected.
KCG first-half profit 276.8 million baht, up 25.2%
KCG Corporation, or KCG, announced its first-half 2026 operating results with a net profit of 276.8 million baht, up 25.2%, driven by efficient management of production costs and expenses despite challenging macroeconomic factors. Chief Executive Officer Dumrongchai Wipawattanakul expressed confidence that profit will continue to grow in the second half. Meanwhile, Sermsang Power Corporation, or SSP, reported a net profit attributable to shareholders of 325.1 million baht and electricity sales revenue of 1,572.1 million baht, following revenue recognition from the Leo 2 solar farm and increased power generation from SPN's repowering. Warut Thammawaranukup noted that business trends in the second half will grow prominently, with plans to sell power from two community waste-to-energy plants by year-end, and expressed confidence that power generation volume will more than double by 2028. Separately, Demco, or DEMCO, reported a first-half 2026 net profit of 30.2 million baht, up 519.4% from the same period last year. Chief Executive Officer Nattapong Korom said the current backlog stands at 2,699 million baht, to be gradually recognized as revenue within 2028, while the company pursues new business investment opportunities. Northeast Rubber, or NER, received an AGM Checklist assessment for 2026 at the excellent level of a full 100 points for the third consecutive year, and Starflex, or SFLEX, received an AGM Checklist score for 2026 in the 90–99 range, or the 4 gold-star level.
Cabot Wins $50 Million DOE Grant for Battery Materials Expansion
Cabot received a US$50 million grant from the U.S. Department of Energy on 17 September 2026 to expand battery materials capacity. The specialty chemicals producer, valued at US$4.1b, plans to redirect its advanced battery materials expansion from an initially planned Michigan facility to brownfield sites in Louisiana and Texas. Cabot intends to pair the federal funding with its own capital to expand domestic production of materials used in energy storage applications, focusing on conductive additives tied to battery energy storage systems for data centers and grid support. The DOE-backed expansion into Louisiana and Texas is only one part of what this funding shift means for Cabot's future plans, and the company is now running a complex two-site program while relying on cost reduction and network optimisation to support profitability. The pivot aligns with multi-year trends also targeted by Albemarle and Umicore, though Cabot focuses on specialty additives rather than raw battery metals.
Chemours, DuPont, Corteva Settle North Carolina PFAS Claims for US$455 Million
Chemours, DuPont, and Corteva reached a settlement with North Carolina and 11 nearby local entities on September 9, 2026, agreeing to pay US$455 million over 15 years to resolve PFAS-related claims tied to Chemours' Fayetteville Works facility and other contamination issues. The agreement clears a significant portion of Chemours' legacy PFAS exposure and introduces a shared, net-present-value framework under the companies' existing US$4.00 billion cost-sharing cap. The North Carolina deal follows Chemours' June 2026 agreement with the U.S. EPA, which added US$90 million of PFAS mitigation and a US$22.5 million civil penalty, as well as settlements with New Jersey and a water district. Chemours' narrative projects $6.6 billion in revenue and $686.0 million in earnings by 2029, requiring 4.7% yearly revenue growth and a $990.0 million earnings increase from -$304.0 million today, with a $19.78 fair value implying 37% upside. The most pessimistic analysts assume only about 3.3% annual revenue growth and roughly US$556 million of earnings by 2029.
Cabot Appoints Steve Delahunt Interim CFO as Erica McLaughlin Becomes CEO
Cabot Corporation has named long-time finance leader Steve Delahunt as interim Chief Financial Officer after Erica McLaughlin moved from CFO to President and Chief Executive Officer on October 1, 2026, succeeding Sean Keohane. The reshuffle puts two seasoned insiders in charge of Cabot's finance and corporate strategy functions, a continuity move that the company's investment narrative says does not materially alter the near-term catalyst around cost savings or the key risk of weaker profitability in a competitive chemicals market. The transition follows Cabot's US$350 million senior notes issuance in August 2026 and a new US$1.3 billion revolving credit facility, which together underpin liquidity and financial flexibility. Cabot's narrative projects $4.0 billion in revenue and $479.7 million in earnings by 2029, requiring 3.5% yearly revenue growth and roughly a $198.7 million earnings increase from $281.0 million today, and yields a $88.50 fair value, a 13% upside to its current price. Some of the most cautious analysts already assumed earnings could reach about US$884.2 million by 2029 yet still assigned a lower price target, reflecting the risk that competitive pressure in Asia and rising costs could offset the benefits of leadership continuity and cost actions.
Mosaic Launches Renuvis Enzara Enzyme Product After $273 Million Quarterly Loss
Mosaic Biosciences, a unit of The Mosaic Company, launched Renuvis Enzara, an enzyme-based treatment designed to speed up crop residue breakdown, on August 17, less than two weeks after Mosaic reported a second-quarter net loss of $273 million, a sharp reversal from the $411 million profit it posted in the same quarter of 2025. The product uses endoglucanase enzyme technology that works in soil as cold as 32 degrees Fahrenheit. Mosaic also trimmed its 2026 capital expenditure outlook to $1.2 billion from an earlier $1.25 billion, sold its Carlsbad, New Mexico, potash mine during the quarter, and lined up a $1 billion term loan to refinance and extend its short-term commercial paper, while keeping its regular dividend at $0.22 per share. Second-quarter revenue came in at $2.8 billion, but the company posted an operating loss of $36 million and adjusted EBITDA fell to $407 million from $566 million a year earlier, with Phosphate swinging to an operating loss of $104 million from a loss of $8 million and Mosaic Fertilizantes moving from operating earnings of $109 million to an operating loss of $41 million. Potash was the one stable segment, generating $278 million in adjusted EBITDA, essentially matching the $278 million it produced a year earlier.
PSP secures corporate carbon footprint certification for third consecutive year
P.S.P. Specialties Public Company Limited, or PSP, and Recycling Engineering Company within the PSP group have received Corporate Carbon Footprint, or CFO, certification for the third consecutive year, covering the operations of both offices and factories. Mr. Siam Suwanart, Manager of the Safety, Occupational Health and Working Environment Department at PSP, said the company had passed verification of its greenhouse gas emissions data by an accredited verification body and registered the certification with the Thailand Greenhouse Gas Management Organization, continuing from the previous year. The company received the CFO carbon label certification and passed the international organizational standard ISO 14064-1. PSP has prepared corporate carbon footprint reports continuously since 2023 and received its certificate from Dr. Wijarn Simachaya, Chairman of the Thailand Greenhouse Gas Management Organization, at the carbon label certification ceremony held at the Thailand Institute of Justice. This certification is considered a competitive edge in an era when global trade rules place greater weight on the low-carbon economy, including the European Union's Carbon Border Adjustment Mechanism, or CBAM, and the sustainable supply chain requirements of global trading partners. The company's export markets cover more than 50 countries across 5 continents worldwide. In 2025, PSP was able to reduce greenhouse gas emissions by 10,143 tonnes of carbon dioxide equivalent, or 4.59%, compared with 2024. In 2027, the company plans to bring in artificial intelligence, or AI, to help analyze and process greenhouse gas emissions data, and is preparing for assessment under the FTSE Russell ESG Scores within this year. For its long-term plans, PSP aims for Zero Landfill by 2029, a 5% reduction in energy use by 2030, and net zero greenhouse gas emissions, or Net Zero, by 2050.
Runyang Technology recently unveiled a new physical intelligent sensing material that is flexible and deformable, can be kneaded and rubbed, and captures pressure changes in real time. It can be applied to consumer health monitoring and human-machine interaction, while also enabling tactile perception in robots and precise sensing of gripping force. Runyang Technology mainly produces IXPE, XPE, IXPP, GFOAM, MPP, and EVA series prototype environmentally friendly foam materials, with products sold to 20 countries and regions and already integrated into the supply chain system of global home improvement giant Home Depot. In the first half of 2026, the company's R&D investment reached 8.62 million yuan, up 55 percent year on year. In the embodied intelligence sector, Runyang Technology has entered the special-purpose robotics field through its controlling subsidiary Shanghai Runke Juneng. At the 2026 World Artificial Intelligence Conference, Runke Juneng launched a centaur special-purpose robot focused on scenarios such as the nuclear industry, oil fields, mines, and fire and emergency response. It adopts a wheel-leg hybrid configuration, can carry an average load of up to 120 kilograms, and has a core component localization rate exceeding 95 percent. In 2025, the company made a strategic investment in humanoid robot company Fourier Intelligence, opening up embodied intelligence industry chain resources. It is reported that Runyang Technology's centaur robot has signed a hundred-unit-level intent order with Shanghai Huayan Fire Protection and has deployed a mining application scenario in Yulin, Shaanxi. Small-scale mass production will begin in the fourth quarter of 2026.
Jingwei Co. Resumes Trading with 20% Limit-Up After Control Change; Shanghai Yahong Swings Wildly to Close Lower
Jingwei Co., which had been planning a change of control, resumed trading today and immediately hit the 20% daily limit-up. According to Jingwei Co.'s announcement last night, China Software Xi'an plans to acquire a 29.68% stake in Jingwei Co. through a negotiated transfer, with a transfer price of 944 million yuan, or 53 yuan per share, a premium of about 41% over the pre-suspension closing price of 37.50 yuan per share. After the transfer is completed, China Software Xi'an will become the company's controlling shareholder. Shanghai Yahong, which was also suspended pending a planned change of control, resumed trading today, with the stock price swinging wildly during the day, first hitting the limit-up, then the limit-down, then surging straight up to approach the limit-up, before falling back in the afternoon to close lower. Shanghai Yahong announced yesterday that its controlling shareholder will change from Hainan Ningsheng Tourism Group Co., Ltd. to Feike Investment, and the actual controller will change from Sun Lin to Li Gaiteng. Li Gaiteng is the actual controller of the A-share listed company Feike Electric. Wind data shows that since September, 14 stocks have resumed trading. Among them, Yinglite and Huachang Chemical both hit the limit-up after resuming trading. Youcai Resources, which is set to change ownership to Jiangyin state-owned assets, opened higher and closed lower on the day of resumption, falling more than 8%. ST Fuhuang, which was given another risk warning, hit the limit-down after resuming trading. Longban Media, a big bull stock with six consecutive limit-ups, posted two limit-downs after resuming trading.
Celanese Elects Luis Fernandez-Moreno to Board of Directors
Celanese Corporation announced that Luis Fernandez-Moreno has been elected to its Board of Directors, effective September 16, 2026, bringing the total number of Board members to 11, of whom 10 are independent. Fernandez-Moreno, 64, brings over 40 years of experience in the performance materials, specialty ingredients and coatings industries across North America, Latin America and Europe. He currently serves on the boards of Ingevity Corporation, where he has been a director since 2016 and served as interim President and CEO from October 2024 to April 2025, and Select Water Solutions. He previously served as Senior Vice President at Ashland, Inc. from 2013 to 2017 as President of the Chemicals Group and of Specialty Ingredients, and spent 25 years at Rohm & Haas before its acquisition by The Dow Chemical Company, where he was named Group Vice President for the newly formed Dow Coatings Materials business. Board Chair Ed Galante said Fernandez-Moreno's experience leading multibillion-dollar specialty chemicals businesses will be instrumental as Celanese advances its strategic priorities.
NTSC expects continued growth in Q3 2026 after Q2 profit reaches 3.7 million baht
Nutrition SC Public Company Limited, or NTSC, expects its operating results in the third quarter of 2026 to continue growing from the second quarter of 2026, when it posted a net profit of 3.7 million baht and sales revenue of 335 million baht, driven by both its human food additives business and its animal feed business. Dr. Patch Ekpanyasakul, Chief Executive Officer, also confirmed that full-year 2026 results will grow at a double-digit rate despite facing volatility from conflicts and higher raw material costs. The contract manufacturing, or OEM, business continues to grow prominently, with its revenue share rising to a double-digit level and with good margins, especially in the Specialty product group. The company is therefore proceeding with investment in two new plants on its existing site in Samut Sakhon province: a human food products plant with production capacity of approximately 1,800 tons per year and an animal feed products plant with production capacity of approximately 6,500 tons per year, or a combined capacity increase of 8,300 tons per year. They are expected to begin operations within 2026 after system testing is completed. At the same time, NTSC plans to expand into export markets in Vietnam, the Philippines, and Myanmar, since currently almost 100% of its customer base is in Thailand, although developing each project's feed formula takes about one to two months.
Dow Targets Over $500M Working-Capital Release, Trims Q3 EBITDA Outlook
Dow Inc. expects to release more than $500 million of net working capital during the second half of 2026, a forecast laid out in slides prepared for Chief Financial Officer Jeff Tate's presentation at the Morgan Stanley Laguna Conference. The company also said it expects third-quarter operating earnings before interest, taxes, depreciation and amortization of $1.5 billion to $1.6 billion, modestly below its prior expectations, citing weaker polyethylene pricing in the Americas and continued softness in construction and automotive markets. Dow said it is prioritizing deleveraging with excess cash and has repurchased about $300 million of debt so far this quarter, with no substantive debt maturities until 2029, and it received the remaining approximately $300 million in compensation from litigation involving NOVA Chemicals. Combined with the projected working-capital release, those items could provide Dow with more than $800 million of incremental cash during the second half. Dow also raised the expected in-year contribution from its Transform to Outperform program, which is intended to generate about $2 billion of benefits by the end of 2027, and now expects approximately $700 million of benefits in 2026, including about $500 million during the second half, with roughly 70% of 4,500 planned job reductions already implemented.
Westlake Swings to $260 Million Profit After Two Straight Losses
Westlake Corporation reported second-quarter net income of $260 million, or $2.01 per share, on August 4, reversing a $169 million loss in the prior quarter and a $142 million loss a year earlier. The turnaround centered on the Performance and Essential Materials segment, which swung from a $318 million operating loss in the second quarter of 2025 to $185 million in income, as EBITDA excluding identified items jumped from a 3% margin to 21% on a 14% year-over-year rise in average sales prices. Companywide EBITDA reached $679 million from $210 million a year earlier, helped by a 7% increase in sales volume excluding plant shutdowns and an acquisition. Westlake also reduced debt by $500 million and returned $99 million to shareholders through dividends and share repurchases, while management said its three-pillar profitability improvement plan remains on track to deliver a $600 million operating income benefit. The Housing and Infrastructure Products segment did not share in the improvement, with its EBITDA margin slipping to 22% from 24% as average sales prices fell 3% year over year even though volume rose 6% excluding the ACI acquisition.
Ashland Approves New $1-Billion Buyback, Doubling Prior Authorization
Ashland Inc. has approved a new $1-billion share repurchase program, doubling its previous $500 million authorization, as the specialty chemicals maker leans on cost savings and portfolio optimization to strengthen margins and free cash flow. In the third quarter of fiscal 2026, operating activities generated $121 million in cash, while ongoing free cash flow totaled $103 million, and the company had bought back about $480 million by the end of that quarter under the new program. Ashland's shift to a business-unit-focused operating model supports its strategy of building a higher-margin specialty chemicals portfolio, though the pace of savings has been affected by a slower productivity ramp at the Hopewell facility. The company expects tariffs on U.S. sales to China to create a roughly $70 million headwind, and it continues to face weak demand in its Specialty Additives business across construction, coatings and energy end markets, along with global logistics pressures. Ashland's recent earnings resilience has been driven largely by its higher-margin Life Sciences and Personal Care segments, a concentration that increases the risk that weaker consumer spending, customer destocking or regulatory challenges could disproportionately affect revenue and profitability. Ashland shares carry a Zacks Rank #3 (Hold).
ScottsMiracle-Gro Redeems $250 Million in Notes, Renews $750 Million Facility
The Scotts Miracle-Gro Company announced a series of capital allocation moves, including the redemption of $250 million of senior notes, the renewal of a $750 million accounts receivable facility and the start of its $500 million share repurchase program, while reaffirming its fiscal 2026 financial guidance. The company redeemed the entire $250 million of its outstanding 5.25% senior notes due 2026 on Sept. 11, 2026, using revolver borrowings and planned excess fiscal 2026 free cash flow to reduce leverage and strengthen the balance sheet. It also renewed its $750 million accounts receivable facility with JPMorgan Chase Bank, N.A., extending its maturity to Aug. 31, 2027. Under the $500 million share repurchase program, ScottsMiracle-Gro bought back $25 million of shares in August 2026, with future repurchases subject to market conditions and the company's debt-reduction priorities. The company said it has achieved its fiscal 2026 free cash flow target of $275 million, a level it expects to help bring leverage down to the high-3x range.
Albemarle Ramps Lithium Expansion as Energy Storage Volumes Rise 11%
Albemarle Corporation is pushing ahead with lithium capacity expansion projects across Chile and Australia as it looks to convert strong battery and energy storage demand into higher sales volumes. The company's Energy Storage unit posted an 11% year-over-year increase in second-quarter sales volumes, supported by its integrated conversion facilities, while the Salar yield improvement project in Chile has reached a 50-60% operating rate. In March 2026, Albemarle submitted the environmental assessment permit for a commercial direct lithium extraction project at Salar de Atacama, where its DLE pilot plant has demonstrated lithium recoveries of more than 90%, and the CGP3 expansion at the Greenbushes spodumene mine in Australia is expected to reach full production in the first quarter of 2027. Among peers, Sociedad Quimica y Minera de Chile logged record second-quarter lithium sales volumes of more than 84,000 metric tons of lithium carbonate equivalent, with its Nova Andino Litio business up roughly 47% year over year, and Rio Tinto achieved first production ahead of plan at its Fénix expansion and Sal de Vida projects in Argentina, with its fully owned Rincon Lithium Project on track for first production in 2028. Rio Tinto holds a 53.9% stake in the Nemaska Lithium project, a fully integrated spodumene-to-lithium hydroxide development, with first production also planned for 2028. Albemarle shares have gained 41.5% over the past year, and the Zacks Consensus Estimate implies a 1,541.8% year-over-year rise in 2026 earnings, though EPS estimates have trended lower over the past 60 days.
CMAN pushes into India and Indonesia, targets global top 5 lime producers
Chemical Man Public Company Limited, or CMAN, has announced plans to expand its production base overseas as it aims to become one of the world's top 5 lime producers. Mom Luang Chantrachutha Chantrathat, the company's chairman, disclosed at a Dinner Talk event for listed-company executives meeting investors in Chiang Mai province that CMAN currently ranks as the number 1 lime producer in the Indo-Pacific region and number 10 in the world, with raw material reserves of more than 150 million tons, total production capacity of more than 1.4 million tons, and more than 300 customers across more than 30 countries. Under its 1-3 year plan, the company is preparing to invest in India, where it expects clear progress and good news within the next 6-12 months, and to invest in Indonesia, where construction of a plant is expected to begin in the second quarter of 2570 after completing the acquisition of Lime Master last July. It is targeting EBITDA of more than 1.4 billion baht in 2571 and net profit of more than 1 billion baht per year within the next 5 years. Meanwhile, in the first six months of 2569, gross profit and net profit increased even as revenue declined in line with market conditions. The company is confident that this year's operating results will set a new record for a third consecutive year and that it will keep its gross profit margin above 30%.
Brokers recommend buying TEGH, top target price 4.40 baht, expecting 2026 profit to grow 5%
Several brokers have issued analyses recommending "Buy" on Thai Eastern Group Holdings, or TEGH. Trinity Securities maintained its 2027 target price at 4.40 baht, based on a PER of 7 times, and kept its 2026 profit forecast at 560 million baht, growing 5% year on year, even though third-quarter 2026 profit may soften slightly quarter on quarter due to seasonal factors in the palm business, while an improving rubber business should partly offset this. Meanwhile, Yuan Ta (Thailand) Securities assessed that if third-quarter 2026 results come in close to guidance, sales volume in the first nine months of 2026 would account for as much as 91% of the full-year estimate, and it expects TEGH to post normal profit of about 190 million baht in the third quarter of 2026, up 19% quarter on quarter and 239% year on year, while maintaining a "Buy" rating and a target price of 4.00 baht. Global Securities maintained its 2026 revenue growth target of about 22 billion baht, up 10% year on year, and set a rubber sales volume target of about 280,000 to 290,000 tonnes, growing 10% to 15% year on year from about 260,000 tonnes in 2025, as the company has received significantly more orders from India after the Indian government announced an exemption on import tax for compound rubber, previously levied at 20%, boosting import demand. At present, the company's compound rubber orders exceed its available production capacity. As for the plan to list its subsidiary TEBP on the stock exchange, or IPO, it is under review for suitability against the original plan in the fourth quarter of 2026. Meanwhile, the Bloomberg Consensus forecasts average profit of 560 million baht for 2026, up 5% year on year, and 688 million baht for 2027, up 23% year on year, with an average fair value of 4 baht, implying 23% upside, and a "Buy" recommendation.
Brokers recommend buying TEGH as Indian rubber orders surge, top target price 4.40 baht
Several brokers have issued research cheering a buy on shares of Thai Eastern Group Holdings Public Company Limited, or TEGH. Trinity Securities maintained its buy recommendation with a 2027 target price of 4.40 baht, based on a PER of 7 times, and kept its 2026 net profit forecast at 560 million baht, up 5% from the previous year. Although third-quarter 2026 profit may slow slightly on seasonal factors in the palm oil business, the rubber business is expected to partly offset this. Yuanta Securities (Thailand) expects third-quarter 2026 normalized profit of about 190 million baht, up 19% from the previous quarter and up 239% from the same period a year earlier, driven by a significant increase in compound rubber orders from India after the Indian government announced an exemption from the previous 20% import tax, leaving current orders above the production capacity available to serve them. It therefore maintained its buy recommendation with a target price of 4.00 baht. Globlex Securities said TEGH still targets 2026 revenue of about 22 billion baht, up 10% from the previous year, and aims for rubber sales volume of 280,000 to 290,000 tons, up 10% to 15% from about 260,000 tons in 2025, recommending a buy on the growth outlook for the rubber, palm oil and energy businesses, as well as the chance to lift margins through EUDR-compliant products. As for the plan to list its subsidiary Thai Eastern Bio Power Company Limited, or TEBP, on the stock exchange and offer IPO shares, it remains under review for suitability under the original plan, which had been expected to proceed in the fourth quarter of 2026. Meanwhile, the Bloomberg Consensus forecasts TEGH's 2026 and 2027 profits at an average of 560 million baht and 688 million baht, up 5% and 23% from the previous year respectively, with an average fair value estimate of 4.00 baht, implying upside of about 23%.
Chemours Narrows Q2 Loss to $274 Million as Free Cash Flow Jumps 128%
The Chemours Company reported a second-quarter net loss attributable to the company of $274 million, or $1.81 per diluted share, an improvement from a $380 million loss, or $2.53 per share, a year earlier. Net sales were roughly flat at $1.6 billion, as a 4% volume decline was offset by a 2% price increase and a 1% currency tailwind, while adjusted EBITDA fell 5% to $247 million and adjusted net income dropped 30% to $64 million. Free cash flow jumped 128% year over year with conversion reaching 46%, operating cash flow climbed to $158 million from $93 million, and net leverage fell to 4.4 times EBITDA as the company paid down 230 million euros of its B-3 euro-denominated term loan due August 2028. Advanced Performance Materials posted the weakest segment result, with net sales down 6% and adjusted EBITDA down 48% to $26 million, while Thermal & Specialized Solutions adjusted EBITDA margin rose to 36% from 35%. Chemours guided third-quarter net sales to fall 5% to flat sequentially, with Thermal & Specialized Solutions sales sliding mid-teens to 20% as refrigerant demand cools further.
Refinery stocks tumble as state cuts diesel price at refinery gate by 4 baht; broker says TOP still stands out
Refinery stocks fell across the board after the Royal Gazette published a resolution by the Fuel Fund Management Committee to cut the diesel price at the refinery gate by 4.00 baht per litre for the period from 16 September to 31 October 2026. As of 11:29 a.m., Thai Oil, or TOP, stood at 61.75 baht, down 4.25 baht, or 6.44%; Bangchak Corporation, or BCP, stood at 53.50 baht, down 3.25 baht, or 5.73%; PTT Global Chemical, or PTTGC, stood at 47.75 baht, down 2.50 baht, or 4.98%; IRPC stood at 2.72 baht, down 0.24 baht, or 8.11%; and Star Petroleum Refining, or SPRC, stood at 13.10 baht, down 0.80 baht, or 5.76%. Krungsri Securities said the government's increased diesel price discount of 4.00 baht per litre is higher than the research house's previous assumption, which factored in an impact of 2.40 baht per litre through the end of 2026, putting earnings forecasts for refinery stocks TOP, SPRC and BCP at risk of a downside of about 3-4%, while 2027 target prices face downside risk of roughly 0.6-1.2%. If the government seeks a discount of 4 baht per litre continuing through the end of 2026, earnings forecasts would face a downside of about 6% for TOP, about 8% for SPRC and about 7% for BCP, while target prices could be affected by about 1.4%, 2.2% and 2.8% respectively. However, Krungsri Securities remains bullish on the refinery group, picking TOP as its top pick on stronger long-term growth prospects and competitiveness than peers, especially after the Clean Fuel Project begins commercial operations in the third quarter of 2028. Meanwhile, Dao Securities Thailand said it holds a negative view on the refinery group, assessing the impact in descending order as BCP, TOP, PTTGC, IRPC and SPRC, and recommended avoiding investment in refinery stocks at this time. It recommends Hold on TOP with a target price of 70.00 baht, Hold on SPRC with a target price of 12.00 baht, and Buy on BCP with a target price of 50.00 baht. At the same time, it continues to pick PTTEP as its top pick in the energy group, with a Buy recommendation and a target price of 180.00 baht.
Tris Rating assigns BBB- rating to NER's 1.8 billion baht debentures
Tris Rating has assigned a BBB- credit rating to the new tranche of unsubordinated, unsecured debentures of North East Rubber Public Company Limited, or NER, with a value of up to 1.8 billion baht and a maturity of up to 4 years, to be used as working capital. The new tranche will replace the rating on the previous debentures of up to 1 billion baht. Tris Rating has also affirmed the company rating and the rating on NER's existing unsubordinated, unsecured debentures at BBB- with a Stable outlook. For the first six months of 2026, NER reported total revenue of 14.4 billion baht, down 11.9% year on year, and EBITDA of 1.1 billion baht, representing an EBITDA margin of 7.4%. Profit was pressured by raw material costs that rose by around 30-40% since the start of the year, while selling prices were raised only with a delay in line with contractual terms. On leverage, the financial debt to EBITDA ratio rose to 5.1 times, and the company has postponed its plan to invest in a new factory worth 2 billion baht in order to await clarity on trade tariff measures and the impact of El Niño. As of June 2026, NER had total financial debt of 10.9 billion baht and 4.7 billion baht of debt with priority in repayment, or 43% of total debt, while the net debt to equity ratio stood at 1.1 times, below the financial covenant limit of no more than 2.5 times.
Corteva Board Approves Vylor Seed Spin-Off as State Attorneys General Challenge PFAS Liability Move
Corteva won Board approval to spin off its seed segment as Vylor Inc., with a planned NYSE listing and all Vylor shares to be distributed to existing Corteva shareholders as part of the separation structure. State Attorneys General have filed legal action claiming the Vylor spin-off is intended to sidestep PFAS related liabilities, setting up a pivotal moment for Corteva investors. The separation carves the seed segment into Vylor, leaving New Corteva more focused on crop protection and related partnerships such as the Globachem joint venture. Corteva, which carries a market value of about $55.1b, has set a planned October 1, 2026 Vylor listing timeline, and investors are watching whether courts allow the distribution to proceed as announced and how management updates PFAS related obligations between Corteva, Vylor and existing Chemours or DuPont agreements. The article also cites a $92.40 fair value estimate for Corteva.
Nippon Electric Glass FI-02 Glass Adopted for Heimann Sensor Wide-Angle Thermal Lens
Nippon Electric Glass Co., Ltd. announced that its IR Transmitting Glass, a chalcogenide glass designated FI-02, has been adopted for Heimann Sensor GmbH's wide-angle lens unit for thermal cameras. The lens unit achieves a 120° × 68° field of view, surpassing the previous product's maximum of 92° × 59°. FI-02 combines high infrared transmittance with a high refractive index, making it highly suitable for wide-angle lens design, and it is also suitable for mass production through press molding. The glass additionally offers low dispersion and a unique composition free from hazardous substances such as arsenic and selenium. Nippon Electric Glass said the adoption marks a significant milestone for FI-02 and showcases how advanced specialty glass can meet the demanding optical and manufacturing requirements of the expanding infrared sensing market.
Snow Sky Salt Industry 600929 revises lithium battery restructuring plan two days later; counterparty Liu Gejun placed under investigation
Hunan provincial state-owned enterprise Snow Sky Salt Industry, stock code 600929, disclosed a restructuring plan on September 12, proposing to acquire 100 percent equity in Hebei Kuntian New Energy Company Limited through the issuance of shares and payment of cash, formally entering the lithium battery anode materials sector. On September 15, the company's share price hit the daily limit down. Just two days later, on September 14, the company issued a correction announcement stating that counterparty Liu Gejun had been placed under investigation by the China Securities Regulatory Commission on March 20, 2026, for suspected personal insider trading. The investigation does not involve trading in Snow Sky Salt Industry shares and is unrelated to this transaction. The pricing for the share issuance to purchase assets is 4.70 yuan per share, with subscribers including no more than 35 designated investors, including the controlling shareholder Hunan Salt Industry Group. There are 54 counterparties in total, and Liu Gejun is the second largest natural person shareholder of Hebei Kuntian, holding 35,185,800 shares, accounting for 9.7738 percent, and bearing the obligation to make up losses during the transition period. Unaudited financial data disclosed in the plan shows that Hebei Kuntian's net profit in 2024 and 2025 was negative 66.1727 million yuan and negative 32.5868 million yuan respectively, and it turned profitable in the first half of 2026, achieving net profit of 120 million yuan. Lawyer Xu Feng, director of Shanghai Jiucheng Law Firm, said that the initial restructuring plan did not disclose the investigation matter, and it was only supplemented through a correction announcement on September 14, which constitutes a major omission of prior information and a violation of information disclosure rules. Snow Sky Salt Industry achieved net profit of 77.0172 million yuan in 2025, down 74.59 percent year on year. In the first half of 2026, it achieved revenue of 2.658 billion yuan, down 2.89 percent year on year, and net profit of 79.18 million yuan, down 9.23 percent year on year. As of now, the audit and evaluation work related to this transaction has not been completed, and the appraised value of the target assets and the transaction price have not yet been determined.
Feike Investment to acquire 29.99% stake in Shanghai Yahong for 900 million yuan; Li Gaiteng to become actual controller
Shanghai Yahong's controlling shareholder Ningsheng Group, along with shareholders Xie Yaming and Xie Yue holding more than 5% of shares, signed a share transfer agreement with Feike Investment, agreeing to transfer a combined 29.99% stake in the company at 21.43 yuan per share for a total price of 900 million yuan. Feike Investment will become the company's controlling shareholder, and Li Gaiteng, founder of Feike Electric, will become the company's actual controller. Subject to completion of the above agreement transfer, Feike Investment plans to launch a partial tender offer for 10.21% of the company's shares at 21.43 yuan per share. Trading in the company's shares will resume on September 17, 2026. This is the second time this year that Shanghai Yahong has planned a change of control. In June this year, the company disclosed a planned change of control and suspended trading, but the deal collapsed a week later after the counterparty failed to reach agreement internally on certain specific details. Shanghai Yahong is mainly engaged in precision mold research and development, injection molding production, SMT product assembly, and manufacturing of smart toilets and other products. In 2025, the company posted its first net loss since listing. In the first half of 2026, revenue was 174 million yuan, down 14.3% year on year, while net profit attributable to the parent company swung from a loss of 1.81 million yuan in the same period last year to a loss of 3.79 million yuan. Feike Investment is the controlling shareholder of Feike Electric, known as the domestic king of electric shavers. Li Gaiteng, from Wenzhou, Zhejiang, founded Feike Electric in 1999. In January 2020, Hurun Research Institute's 2019 Hurun China 500 Most Valuable Private Companies ranked Feike Electric 443rd with a market value of 16 billion yuan.
DPAINT raises net 136.99 million baht from rights offering to invest in The City Phuket and build a new S-Curve
Delta Paint Public Company Limited, or DPAINT, has successfully completed its rights offering of newly issued ordinary shares to existing shareholders on a pro-rata basis. After deducting related expenses, the company will receive net proceeds of approximately 136.99 million baht from the capital increase, a key sum that will support its business plan and investment in new ventures. At the heart of this plan is the investment in The City Phuket, which DPAINT sees as the starting point for building a new S-Curve to add revenue sources beyond its core paint and construction materials business. This strategy is not a shift away from the paint business, but an extension of the existing base to create a new engine, allowing the paint and construction materials business to remain the pillar generating revenue and cash flow, while the real estate business becomes another leg creating growth opportunities. If the plan proceeds as targeted, there is a chance to see DPAINT turn its business around and create added value for shareholders over the long term.
Shanghai Yahong to transfer 29.99% stake to Feike Investment; actual controller to become Li Gaiteng
Shanghai Yahong disclosed that its controlling shareholder, Hainan Ningsheng Tourism Group, shareholder Xie Yaming holding more than 5%, and his concert party Xie Yue signed a share transfer agreement with Shanghai Feike Investment Co., Ltd., under which they plan to transfer a combined 29.99% stake in the company at 21.43 yuan per share for a total consideration of 900 million yuan. The company's shares will resume trading on September 17. Ningsheng Group plans to transfer 18.186 million shares, representing 12.99% of total share capital; Xie Yaming plans to transfer 21.84 million shares, representing 15.60%; and Xie Yue plans to transfer 1.96 million shares, representing 1.40%. Subject to completion of the above agreement transfer, Feike Investment intends to make a partial tender offer to all shareholders of the listed company other than itself, acquiring 14.294 million shares at 21.43 yuan per share, representing 10.21% of the total issued shares. On the same day, Ningsheng Group and Xie Yaming signed pre-acceptance agreements with Feike Investment, under which Ningsheng Group irrevocably undertakes to validly tender 7.9792 million shares and Xie Yaming irrevocably undertakes to validly tender 6.3148 million shares. After completion of this equity change, the controlling shareholder will change from Ningsheng Group to Feike Investment, and the actual controller will change from Sun Lin to Li Gaiteng. Feike Investment and its controlling shareholder and actual controller Li Gaiteng undertake not to transfer the listed company shares acquired in this transaction within 60 months from completion of registration, and not to pledge such shares within 36 months. Feike Investment is the controlling shareholder of Feike Electric, and Li Gaiteng is also the founder and actual controller of Feike Electric.
Shanghai Yahong's controlling shareholder to change to Feike Investment, trading resumes September 17
Shanghai Yahong announced on the evening of September 16 that its controlling shareholder will change to Shanghai Feike Investment Co., Ltd., and its actual controller will change to Li Gaiteng. Trading in the company's shares will resume from market open on September 17. On September 16, Ningsheng Group, Xie Yaming, and his concert party Xie Yue signed a Share Transfer Agreement with Feike Investment, under which they intend to transfer a combined 29.99% stake in Shanghai Yahong to Feike Investment at 21.43 yuan per share, for a total consideration of approximately 900 million yuan. Ningsheng Group will transfer 12.99%, Xie Yaming 15.60%, and Xie Yue 1.40%. Subject to completion of the above agreement transfer, Feike Investment intends to make a partial tender offer to all Shanghai Yahong shareholders other than itself at 21.43 yuan per share, for 10.21% of the shares. Ningsheng Group and Xie Yaming have committed to tender 5.70% and 4.51% respectively of their tradable shares without selling restrictions. If the transaction is completed, Feike Investment's shareholding will reach 40.20%. Feike Investment's current shareholders are Li Gaiteng and Chen Yufeng, with shareholdings of 98% and 2% respectively. Shanghai Yahong stated that after this equity change is completed, Feike Investment will promote optimization of the company's management and resource allocation, improve its industrial layout, and achieve diversified business development. Shanghai Yahong's operating revenue in the first half of 2026 fell 14.26% year-on-year to 174 million yuan, and net profit attributable to the parent company fell 110.07% year-on-year to a loss of 3.7937 million yuan.
Brokers recommend buying TEGH with a target price of 4.40 baht, expecting 2026 profit to grow 5%
Several brokers have issued research recommending a buy on shares of Thai Eastern Group Holdings Public Company Limited, or TEGH. Trinity Securities maintained its 2026 profit estimate at 560 million baht, up 5% year on year, and kept its 2027 target price at 4.40 baht based on a PER of 7 times, along with a buy rating. Meanwhile, Yuan Ta (Thailand) Securities assessed that if third-quarter 2026 results come in close to guidance, sales volume in the first nine months of 2026 would account for as much as 91% of the full-year estimate, and it expects TEGH to post normal profit of about 190 million baht in the third quarter of 2026, up 19% quarter on quarter and 239% year on year, while maintaining a target price of 4.00 baht. Globlex Securities noted that TEGH is keeping its 2026 revenue growth target at around 22 billion baht, up 10% year on year, and aims for rubber sales volume of about 280,000 to 290,000 tonnes, up 10% to 15% year on year from roughly 260,000 tonnes in 2025. The supporting factor comes from significantly increased orders from India after the Indian government announced an exemption on import tax for compound rubber, which previously stood at 20%, driving import demand higher to the point that orders now exceed available production capacity. Bloomberg Consensus forecasts average profit of 560 million baht for 2026, up 5% year on year, and 688 million baht for 2027, up 23% year on year, with an average fair value of 4 baht, implying 23% upside. As for the plan to list its subsidiary TEBP on the stock exchange through an IPO, it remains under review for suitability against the original plan in the fourth quarter of 2026.
Brokers recommend buying TEGH with a 4.40 baht target, Quick Transformation prepares 32 million-share IPO
Brokers recommend "buying" TEGH shares, with Trinity Securities setting the highest target price at 4.40 baht, expecting standout profit growth in 2026 on high rubber prices, accelerating compound rubber orders from India, and rising demand for EUDR-compliant rubber. The palm and energy businesses are also performing well. For the fourth quarter of 2026, the rubber business is expected to remain strong and palm sales volumes should recover seasonally, with rubber and palm prices likely to stay high through the second half of 2026, which could bring upside to current profit estimates. Yuanta Securities and Globlex Securities also recommend "buy" with target prices of 4.00 baht each. Meanwhile, Quick Transformation Public Company Limited, a provider of comprehensive digital transformation services with more than 20 years of experience, is pressing ahead with its IPO plan, preparing to offer no more than 32 million new ordinary shares to the public for the first time, or no more than 31.37% of all shares after the IPO, and to list on the Market for Alternative Investment in the technology industry group. Separately, New Biodiesel, a subsidiary of PCE, received three Green Industry Level 5 awards in the Green Network category from the Department of Industrial Works, reflecting NBD's commitment to operating by extending its green industry scope from within the organization outward with standards and sustainability.
Shanghai Yahong announced that Feike Investment will become the company's controlling shareholder, and trading in its shares will resume from tomorrow. Several companies released important announcements that evening: Jingwei Holdings said China Software Xi'an plans to acquire 29.68% of the company's total share capital at 53 yuan per share, with trading to resume tomorrow; Kanghui's subsidiary signed a 1.72 billion yuan computing power service contract and a 1.141 billion yuan computing power server purchase and sale contract; Henggong Precision plans to issue convertible bonds of no more than 810 million yuan for projects including embodied intelligent robots; Ruifeng Polymer Materials plans to acquire a 68.065% stake in Mitop New Materials for 499 million yuan; Sany Heavy Industry repurchased 16.6206 million shares today, paying 299 million yuan. In addition, Shanghai RAAS's SR604 injection has entered Phase III clinical trials, and no product targeting the same receptor as this drug has been launched globally; Hwatsing Technology has completed its share repurchase, with a cumulative repurchase amount of 60.2245 million yuan.
Tri-I's, Shin-Etsu Chemical, Copro HD and others announce strong earnings and dividend hikes
Among the companies that reported earnings after the close on September 15, several were highlighted as likely to be viewed favorably by the market for strong results or dividend increases. Tri-I's raised its year-end lump-sum dividend for the fiscal year ending December 2026 to 11 yen from the previously planned 5 yen, an increase of 6 yen, after paying no dividend the prior year. Growth xP revised up its consolidated ordinary profit for the fiscal year ending August 2026 to 530 million yen from the previously forecast 440 million yen, a 20.9 percent increase, with its profit decline expected to narrow to 38.3 percent from 49.0 percent. Shin-Etsu Chemical raised its first-half dividend for the fiscal year ending March 2027 to 78 yen from the previously planned 58 yen, an increase of 20 yen, bringing the annual dividend to 136 yen and implementing a 20 yen commemorative dividend for its 100th anniversary. Copro HD raised its first-half dividend for the fiscal year ending March 2027 to 20 yen from the previously planned 15 yen, an increase of 5 yen, bringing the annual dividend to 50 yen and implementing a 5 yen commemorative dividend for its 20th anniversary, lifting its dividend yield to 5.39 percent.
Dainichiseika and Scroll Announce Buybacks and Cancellations
Dainichiseika and Scroll each announced share buybacks and cancellations of treasury shares after the close of trading on the 15th. Dainichiseika will conduct a buyback of 3 million shares, equivalent to 4.39% of shares outstanding excluding treasury shares, for a maximum of 3.864 billion yen, through the Tokyo Stock Exchange's ToSTNeT-3 off-auction own share repurchase trading on the morning of September 16. Scroll will cancel 606,700 treasury shares, equivalent to 1.75% of shares outstanding, with the cancellation scheduled for September 30.