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1、DeutscheBankMarketsResearchNorthAmericaPeriodicalDateUnitedStatesChemicals6November2017IndustrialsChemicals/CommodityScorecardDavidBegleiterOctoberScorecardResearchAnalyst(+1)212250-5473david.begleiter@db.comAxaltaandVenatoroutperformedinOctoberKathe
2、rineGriffinUSChemicalsrose6.4%inOctobervsS&Pup2.2%.NotableoutperformersinResearchAssociateOctoberwereAxalta(AXTA,+15.0%,Buy)andVenator(VNTR,+10.6%,Buy).(+1)212250-7265AxaltasharesrosefollowingpressreportsthatAkzohasapproachedAxaltakatherine-a.griffin
3、@db.comaboutapotentialmergerofequals,whichwouldcreatea$16Bpaintsandcoatingscompany,similarinsizetoPPGandSherwin-Williams.Venator’sTiO2DavidHuangmomentumremainedstronginQ3withpricingup22%YoYand13%QoQasResearchAssociateVenatorrealized~$250/m.t.Q3pricei
4、ncrease.Lookingaheadtoseasonally(+1)904520-5307softQ4,Venatorremainsconfidentonitsannouncedpriceincreasesof$80-david-a.huang@db.com$180/m.t.duetohighcapacityutilizationanddeclininginventories.IndustrialgasesseeingacceleratingU/LgrowthToppicksLackofgr
5、owthhasbeenakeyissueforindustrialgascompaniesoverthepastEastmanChemical(EMN.N),USD91.32Buy2-plusyears.AirProducts’(APD,+5.4%,Buy)Q4markedasolidendto’17Ashland(ASH.N),USD68.66Buyanddeliveredits14thconsecutivequarterofEPSgrowthhighlightedbyDowDuPont(DW
6、DP.N),USD71.16Buyacceleratingbasebusinessgrowthandnewplantstart-ups.Praxair’s(PX,Source:DeutscheBank+4.6%,Hold)Q3washighlightedbyacceleratingU/Lgrowth.Highlightingthegrowthwerevolumeswhichroseanimpressive5%(1/3fromnewprojects,Valuation&forecasts2/3fr
7、omorganicgrowth)markingPraxair’sthirdstraightquarterofvolumeWevaluecompaniesinthegains(Q1:+4%,Q2:+3%).Thisfollows8quartersofflat-to-downvolumes.chemicalssectorbasedon:1)forwardP/Emultiples(vs.historicalPQCorporation:catalystsforgrowthrangesandthemark
8、et);2)forwardWeinitiatedcoverageofPQwithaBuyratingandaPTof$20,upsideof20%.EV/EBITDAmultiples(whereleveragePQshareshaveunderperformedinthe3½weekssinceitsIPO(-3.4%vsdivergesfromthatofpeers,alsovs+2.2%forS&P)due,webelieve,tolackofefficientexecutionofthe
