AmFraser - S$1.02 (Jan.4, 2011)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.