Sunvic Chemical Holdings Ltd
Building on a Record and Bountiful Year
We initiate coverage on Sunvic Chemical Holdings Ltd (“Sunvic”)
with a BUY recommendation and fair value of S$1.02. This represents
a 55% premium over the last close price of S$0.66. After
studying their listed peers on the SGX and HKEx, we peg a 6x P/E
valuation on their FY2010E earnings of S$0.17 (exchange rate of
RMB1:SGD0.195) to arrive at our FV.