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1、ChemicalsScorecardDeutscheBankMarketsResearchNorthAmericaIndustryDateCanada16June2017UnitedStatesChemicalsIndustrialsScorecardPeriodicalChemicals/CommodityMayScorecardDavidBegleiterAshlandandPraxairoutperformedinMayUSChemicalsfell1.6%inMayvsS&Pup1.2%.NotableoutperformersinMayResearchAnalys
2、twereAshland(ASH,+10.5%,Buy)andPraxair(PX,+5.8%,Hold).Withthe+1-212-250-5473remainingsharesofValvolinefullydistributed,theAshlandinvestmentstoryis,forthefirsttime,apurechemicalstory.PraxairhadapositiveQ1,whichmarkedaKatherineGriffinmajorturnaroundwiththecompanypostingitsfirstvolumegrowthin2yea
3、rsandResearchAssociateitsbestvolumegrowthin3years.TheproposedmergerwithLindealsoprovides+1-212-250-7265upsidedrivenbyattractive$1.0Bannualcostsynergiesandacombinedentitywithleadingmarketshareandbalancedexposuretoallregionsandend-markets.DavidHuangResearchAssociateDow/DuPontannouncednewboar
4、dandstrategicreviewplan+1-904-520-5307WebelievethenetresultoftheannouncementsbyDow(Dow,-1.3%,Buy)andDuPont(DD,-0.6%,Buy)oni)thecompositionofthenewDowDuPontToppicksboard,ii)thenewboard“undertakingassoonaspracticable,acomprehensiveDowChemical(DOW.N),USD64.10Buyreviewoftheportfoliosandtheiral
5、ignment”andiii)DowCEOAndrewLiveris’DuPont(DD.N),USD82.17Buytimingbeingpushedout(toJuly2018fromJuly2017)arei)DowDuPontwillbeAshland(ASH.N),USD65.91Buyseparatedintothe3companiesthatwereagreeduponwhenthemergerwasSource:DeutscheBankannouncedinlate2015andii)certainspecialtyassetsfromMaterialCo.
6、couldbemovedintoSpecialtyCo.Whilethe(likely)lackofa4or5-waysplit-upmaybedisappointingtosomeinvestors,webelieveDow’swillingnesstoconsideramoreoptimalseparationofassetsbetweenMaterialCo.andSpecialtyCo.coupledwithcertaintyonMr.Liveris’transitiontimingareclearpositivesfortheshares.EastmanChemi
7、cal:OnTracktoDeliverin'17OurvisittoEastman(EMN,+0.5%,Buy)inKingsportfoundamanagementteamValuation&RisksWevaluecompaniesinthechemicalsfocusedonexecutionandconfidentondeliveringits'17financialtargetsanditssectorbasedon:1)forwardP/Emultiplesmid-yearcommitmentofdive
