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Title:Formosa Plastics Group (FPG) NOV sales
Download File:FPG core members note_201208--sinopac.pdf 
Summary:SinoPac View: Petrochemical prices are trending above our expectation in 4Q20 amid tighter supply and leaner inventories. The share prices of Formosa Petrochemical Corporation (6505 TT, FPCC), Formosa Chemicals & Fibre Corporation (1326 TT, FCFC), Nan Ya Plastics Corporation (1303 TT, NPC), and Formosa Plastics Corporation (1301 TT, FPC) have surged by 18%, 15%, 14%, and 13% respectively since the end of OCT. We rate FPC (4% upside) and FPCC (18% upside) as Buys. We are Neutral on NPC and FCFC. PVC is seeing healthy supply-demand outlook in 2021 as China¡¯s 14th Five Year Plan includes merger of small-size PVC makers with limited capacity.
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