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.

http://www.nextinsight.net/index.php/story-archive-mainmenu-60/912-2011/3354-leader-environmental-sunvic-what-analysts-say-now

（1） Q4盈利：应 > RMB141.9m
(2) Y2011: 盈利增长会高过7.2% （2011年产品价格下降的可能性不大）

UTILISATION OF TAX INCENTIVE
The Board of Directors of Sunvic Chemical Holdings Limited (the “Company”) is
pleased to announce that the Company’s wholly-owned subsidiary, Jiangsu Jurong
Chemical Co., Ltd. (“JJC”) (collectively, the “Group”), has obtained approval from the
local tax authority to fully utilise its tax incentive of approximately RMB123.6 million
(the “Tax Incentive”), which was granted to JJC in 2007 and 2008. This tax
incentive was granted pursuant to the "Notice of the Administrative Methods of
Purchase of Domestic Equipment Investment by Foreign Invested Enterprises to
Offset Enterprise Income Tax" promulgated by the State Administration of Taxation in
the People’s Republic of China (“PRC”).
Out of the RMB123.6 million, RMB11.5 million was refunded to JJC in the financial
year ended 31 December 2008 (“FY2008”).
A further RMB19.3 million was refunded to JJC by the tax authority in end 2010 and
will be reflected accordingly in the financial statements for the financial year ended
31 December 2010. The balance of approximately RMB92.8 million will be refunded
to JJC within the first half of 2011 which is expected to have a positive impact on the
profit of the Group for the current financial year ending 31 December 2011.
None of the Directors or substantial shareholders of the Company has any interest,
direct or indirect (other than through their shareholdings in the Company), in the
above-mentioned matter.

http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_92C4240405E8C5C548257846003D42DB/$file/Press_Release.pdf?openelement

http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_92C4240405E8C5C548257846003D42DB/$file/Sunvic_Q4_2010_results_announcement.pdf?openelement

Sunvic Chemical’s Strong Q4 2010 of RMB300.6 million
Boosts FY2010 Net Profit to Record RMB650.1million

1. Q4 2010 Revenue and Net profit surged to RMB910.3 million and RMB300.6 million due to continuous strong demand and higher ASP for AA & AE products

2. Strong Q4 2010 performance boosted FY2010 profit to a new high of RMB650.1 million on revenue of RMB3.4 billion

3. FY2010 overall Profit Margin reached 29.2% due to strong downstream demand growth

4. Focus now on sustaining growth with new upstream 1,000,000-tonne cracking plant and 2 new 160,000-tonne AA plants

5. Recommends a final ordinary and special tax-exempt dividend of SGD 1 cent each per ordinary share

以往的分红情况：
29 May 2009 SGD 0.008
10 Sep 2008 SGD 0.01
23 May 2008 SGD 0.0125