Specialty Chemicals

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.

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 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.

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.

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.

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.

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%.

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.

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%.

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.

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 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.

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.

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 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.

Ashland is collecting takeover bids this month, sending its shares up almost 1%, according to a report circulating Tuesday. Apollo Global and Carlyle Group are among the financial sponsors interested in the chemical maker, traders said, citing a DealReporter article. The update follows a Bloomberg report last month that Ashland was evaluating a possible sale after receiving takeover interest, with Advent, Apollo and Carlyle Group among those that had contacted the company. Standard Industries Inc., which through its investment platform Standard Investments LLC is among Ashland's biggest shareholders, is also interested, according to the Bloomberg report. Activist investors have been pushing for months for Ashland to explore a sale, and last month the company confirmed an agreement with activist investor Ancora Holdings to expand its board. Ashland is set to hold its innovation day on Thursday.

Shin-Etsu Chemical announced on the 15th that it has revised upward its full-year dividend forecast for the fiscal year ending March 2027 to 136 yen per share from the previous 116 yen. The prior-year result was 106 yen. To commemorate the company's 100th anniversary on September 16, it will pay a commemorative dividend of 20 yen per share alongside the interim dividend. The commemorative dividend is scheduled to be approved at a board meeting to be held in October.

Japan's JSR, Tokyo Ohka Kogyo, Shin-Etsu Chemical and other companies announced that from October 1, 2026, new photoresist pricing for global customers will be raised by 15% overall, with high-end ArF series long-term contract quotes up 16% to 22%, HBM-specific immersion ArF up as much as 24%, spot bulk orders up 32% to 38%, KrF series standard grades up 9% to 14%, and 3D NAND thick-film KrF up 18% to 20%. Boosted by the price hike news, the electronic chemicals sector remained strong all day. Xilong Scientific surged to limit up with heavy volume shortly after the midday open, hitting a two-month high, with turnover in less than 15 minutes exceeding the entire previous day's total. Haixing shares climbed rapidly on late-session volume, while Guangxin Materials and Zhongshi Technology also showed unusual upward moves during the session. Also lifted by the price hike news, the glass fiber sector index has risen for seven consecutive days, with Honghe Technology up for seven straight days, and China Jushi, International Composites and Sinoma Science & Technology all up for five consecutive days. The latest data from Sublime China Information shows that as of September 15, the ex-factory price of 7628 electronic fabric was about 11.5 to 12.1 yuan per meter, up 10% to 20% month on month, with the year-to-date gain reaching as high as 162%.

EMV Capital has acquired a Rotterdam plastics recycling plant for an undisclosed price through its new subsidiary Winalot, with plans to retrofit new technology and restart operations within around 18 months. Pantheon Resources said new seismic work could lift its Kodiak oil resource estimate by at least 25%, with ten parties still active in the data room as farm-out talks continue. MP Evans Group said its rising palm oil harvest carried into the second half after a record first half, with gross profit up 25% and the interim dividend up 39%. Cerillion warned full-year revenue will fall short of expectations after customer orders were delayed, guiding to between £46 million and £48 million. Hardide landed a first production order worth around $1.9 million for its new second-generation components from a North American energy sector customer, while Touchstone Exploration mobilised a rig for a two-well drilling campaign at its WD-4 block in Trinidad, with gas output at its Cascadura field also climbing steadily.

Lianke Technology announced on September 14 that the company plans to invest its own funds, self-raised funds, and raised funds to build the Lianke Technology Egypt Suez Canal Economic Zone Silica-Carbon Black Circular Economy Integrated Project in Egypt. The total investment for the project is about 1 billion yuan. Once completed, the project will have an annual production capacity of 100,000 tons of silica and 100,000 tons of carbon black.

Lianke Technology announced that the company plans to invest in the construction of a silica-carbon black circular economy integrated project in Egypt, with a total investment of approximately 1 billion yuan. The project will be funded by the company's own funds, self-raised funds, and raised funds, and will be located in the Suez Canal Economic Zone in Egypt. The main construction includes new silica and carbon black production lines and supporting facilities. Upon completion, the project will form an annual production capacity of 100,000 tonnes of silica and 100,000 tonnes of carbon black. The project will be specifically implemented by Lianke Egypt.

Goldman Sachs reinstated coverage of Element Solutions with a Buy rating and a $44 price target, sending the shares wobbling between small gains and losses in Friday's trading. Analysts led by Duffy Fischer called the termination of the Solstice merger a positive catalyst, saying it removes risk, prevents dilution, and allows ESI management to focus on high-return organic projects. The analysts pointed to robust underlying demand from AI infrastructure and data center buildouts as a primary growth engine, and said the company's asset-light model lets it capture high-margin AI growth faster than peers. Element Solutions continues to reshape its earnings mix through strategic transactions, including the divestiture of its graphics business and bolt-on acquisitions such as EFC and Micromax, and Goldman expects more deals over the next several years. The shares are down about 10% since the deal was announced, which the analysts view as an attractive entry point given a significant valuation discount to peers that should shrink over time.

Sensient Technologies has been upgraded to a Zacks Rank #1 (Strong Buy), a rating reserved for the top 5% of the more than 4,000 stocks covered by the Zacks system. The upgrade reflects an upward trend in earnings estimates, with the Zacks Consensus Estimate for the colors, flavors and fragrances maker rising 7.7% over the past three months. Sensient is expected to earn $4.20 per share for the fiscal year ending December 2026, which represents no year-over-year change. Zacks said the rating change signals improving underlying business trends that could translate into buying pressure and a higher stock price in the near term.

Muto Seiko announced it will carry out a share buyback of 130,000 shares, equivalent to 1.9% of its outstanding shares, with a maximum value of 300 million yen. The purchase period runs from September 11 to March 31, 2027. The buyback of its own shares, for a company listed on the Tokyo Stock Exchange Standard Market, was disclosed after the close of trading on the 10th.

Celanese Corporation agreed to sell an additional 19% of the Nutrinova food-ingredients joint venture to Mitsui & Co., Ltd. for approximately $152 million in cash, a deal expected to close in the fourth quarter subject to customary conditions. The sale will cut Celanese's retained interest in Nutrinova from 30% to 11%, and the interest being sold generated roughly $4 million of equity earnings in 2025, meaning the consideration equals about 38 times that contribution. Proceeds will reduce debt, fund upcoming maturities, and count toward Celanese's goal of generating $1 billion from divestitures by the end of 2027; combined with the completed $500 million Micromax divestiture, the two announced deals total approximately $652 million, about 65% of that objective. Celanese ended 2025 with approximately $11.3 billion of company-defined non-GAAP net debt and targets about $10 billion by the end of 2026 and below $9 billion by the end of 2027, while aiming for $700 million to $800 million of company-defined non-GAAP free cash flow in 2026. Under the related diketene-facility arrangement, Nutrinova will cover the facility's full purchase price and ongoing operating costs, leaving Celanese with no funding obligation.

Ecolab Inc. reported better-than-expected earnings and revenues for the second quarter of 2026, with organic sales of $4.28 billion, up 5% from $4.09 billion a year earlier, and Digital sales rising 27% year over year to $121 million. Reported volume increased 1% despite a nearly 1% headwind from customer operations disrupted by the Middle East conflict, while pricing improved to 4% on the initial benefits of the company's energy surcharge implementation, which management expects to reach 5%-6% in the second half. The water, hygiene and infection prevention solutions provider, which carries a Zacks Rank #3 (Hold) and a market capitalization of $77.9 billion, said its Global High-Tech business delivered more than 20% organic sales growth in the first quarter of 2026, and that the Ovivo Electronics acquisition, together with the pending CoolIT Systems acquisition, is expected to create a roughly $1.5 billion Global High-Tech platform. Ecolab Digital has surpassed $400 million in annualized revenues and addresses a $13 billion market opportunity, including nearly $3 billion within the existing customer base. The Zacks Consensus Estimate for Ecolab's 2026 earnings has remained stable at $8.19 per share over the past 30 days, while third-quarter 2026 revenues are pegged at $4.68 billion, indicating a 12.3% improvement from the year-ago quarter.

Sekisui Chemical announced on the 10th that it will make two Ausbuild-affiliated companies, which engage in residential land development and homebuilding in Australia, into subsidiaries for about 335 million Australian dollars, or roughly 37.2 billion yen. Through a subsidiary, it will acquire 51 percent of the two Ausbuild-affiliated companies in January 2027 and plans to raise its stake to 90 percent in the future. Japan's domestic housing market is expected to shrink due to the declining birthrate, and the company aims to expand its business in Australia, where growth prospects are strong. At a press conference, Sekisui Chemical President Ikusuke Shimizu stressed the significance of the acquisition, saying that in addition to construction, Ausbuild has already acquired development land and can expect stable growth.

Sekisui Chemical announced on the 10th that it will make two Ausbuild-affiliated companies, which engage in residential land development and homebuilding in Australia, into subsidiaries for about 335 million Australian dollars, or roughly 37.2 billion yen. Through a subsidiary, it will acquire 51 percent of the shares of the two Ausbuild-affiliated companies in January 2027, and plans to raise its stake to 90 percent in the future. The domestic housing market is expected to shrink amid a declining birthrate, and the company aims to expand its business in Australia, where growth prospects are strong. At a press conference, Sekisui Chemical President Ikusuke Shimizu stressed the significance of the acquisition, saying that in addition to construction, Ausbuild has already acquired development land, so stable growth can be expected.

Sekisui Chemical announced on the 10th that it will make Ausbuild Group, an Australian residential land development and homebuilding company, and its affiliates into subsidiaries for 335 million Australian dollars, or about 37 billion yen. Through its Australian subsidiary, it will acquire 51% of the holding company's shares. The share transfer is scheduled for January 2027, and the company is expected to become a consolidated subsidiary in the fiscal year ending March 2027, with the impact of the acquisition on consolidated results currently under review. Ausbuild Group is headquartered in Queensland and is said to have a solid track record in residential land development and homebuilding in the state. Through the move to make it a subsidiary, Sekisui Chemical aims to expand its local housing supply capacity.

Flotek Industries raised its full-year 2026 guidance for the second time in five weeks, citing strong international chemistry sales, and its shares rose 6.7% in pre-market trading. The company now expects revenue of $360M-$370M, up from its August 4 range of $340M-$350M and above the $345M FactSet consensus, and adjusted EBITDA of $50M-$54M, raised from $47M-$51M. At the midpoints, these figures would represent increases of 54% and 58% over 2025. Flotek reported that Q2 international chemistry revenue surged more than 450% quarter-over-quarter to $10.6M, and it anticipates H2 sales could exceed $40M, supported by ongoing work in Saudi Arabia and growth in its data analytics segment.

Analysts recommend a "Buy" on North East Rubber Public Company Limited (NER), with a highest target price of 6.50 baht per share, citing expectations of a strong recovery in second-half performance driven by higher rubber prices amid tight supply. NER is one of Thailand's block rubber producers expected to benefit from the EUDR measures in Europe once enforced. The company has already received EUDR rubber orders of about 2,000 tonnes and has about 10,000 tonnes ready for delivery. It targets EUDR rubber sales of about 40,000 tonnes per year, or no more than 10% of total sales volume. Current block rubber selling prices have risen to 77-80 baht per kilogram, following SICOM rubber prices hitting their highest level in over a decade. In Q3/2026, sales volume increased to about 120,000 tonnes, and GPM has a chance to stay above 10%, bringing normal profit closer to the previous peak of 619 million baht. For Q4/2026, if El Niño intensifies, sales volume may drop to about 110,000 tonnes, but it will still be supported by higher selling prices and GPM. Normal profit for the second half is expected at 1.0-1.1 billion baht, pushing full-year profit to potentially reach 1.8 billion baht, about 4% higher than estimates. Currently, NER trades at a low PER for 2026 of only 5.0 times, compared to TEGH and STA at 6.0 times and 12.7 times, respectively, offering a dividend yield of 7% per year. With a positive business outlook, the PER used in valuation is raised from 6 times to 7 times, increasing the end-2026 target price to 6.50 baht, with an upside gain of 40.1%. The "Buy" recommendation is maintained. Meanwhile, KGI Securities (Thailand) states the consensus target for NER is 5.40 baht, assessing that rubber prices have risen sharply to test a 9-year high due to El Niño. Consensus expects a dividend this year of 0.35 baht (dividend yield 7.6%). In the first half of 2026, 0.05 baht per share has already been paid, leaving 0.30 baht per share (yield 6.5%).

Genflow Biosciences announced that its SLAB gene therapy trial in ageing dogs has met its primary endpoint, and it is now in talks with major animal health companies about a licensing deal. EnergyPathways has appointed Jacobs as engineering and regulatory partner for its MESH energy storage project in the Irish Sea, moving toward a key Ofgem funding submission. Itaconix is targeting a doubling of revenue to $30 million in the medium term, after half-year revenue jumped 72% on strong detergent demand. Gaming Realms says it is well placed to keep growing despite a UK tax hike hitting margins, with core content licensing revenue up 12% in the first half. Total Graphite reports that fresh drilling in Madagascar has strengthened the case for restarting mining at Vatomina, with one hole returning 19 metres at 3.3% graphite. 80 Mile has agreed indicative terms for a £61.5 million all-share takeover by Nasdaq-listed Greenland Energy, representing a near-47% premium to its share price.