China Sunsine

-shares 477m
- S chips
-leading specialty chemical producer selling accelerators, anti-oxidant, vulcanising agent and anti-scorching agent. It is the largest producer of rubber accelerators in PRC and one of the largest in the world serving all clients include bridgestone, michelin, goodyear, continental, yokohama, pirelli, hankook, kumho, cooper and prc tire giants
-reputable brand name "Sunsine"
-owner has 61%, pays himself S$2m
-idiot-proof biz,
-high barriers of entry as chemicals must be tested before adoption by tyres OEM
-div 1 ct per year
-NTA rmb 131 cts
-EPS rmb 6 cts 1q'10
-NP 15% vs 7% going up bcos of higher asp
-cash eq 196m, CA 554m, FA 229m, CL 143m, FL 0m
-rmb revaluation might have negative impact