[20081118]Chinese government raised export tax rebate on certain chemical pro

yangho

The Chinese government raised export tax rebate on DMF (Concerned listcos: Hualu Hengsheng and Jiangshan Chemical), glyphosate (Concerned listcos: Xin’an Chemical, Jiangshan Agrochemical & Chemicals, Huaxing Chemical, Yangnong Chemical) and MDI (Concerned listcos: Yantai Wanhua). Export tax rebated on DMF and glyphosate are raised by 4ppt, positive to the corresponding listcos. However, we expect it should have a limited affect on the listcos’ earnings as the prices might decline amid the increasingly fiercer competition in China.
The recent share performance of the related companies has largely reflected the positives brought about by the tax rebate hike. We expect the corresponding listcos may continue to respond to this positive in the future.
 
 
 
化工产品出口退税上调，比较大的品种同时上市公司相关的有DMF（二甲基甲酰胺，涉及上市公司有华鲁恒升和江山化工）、草甘膦（涉及新安股份、江山股份、华星化工、扬农化工等）和聚合MDI（涉及烟台万华），其中聚合MDI前期已经专门调过，本次为重申。DMF和草甘膦出口退税上调4个百分点，对上市公司是利好，当然由于国内产能竞争压力大，最后都会导致价格的下行，预计对企业盈利影响不大。
从最近股市表现来看，股价对政策的反应都比较正面，预计相关上市公司仍会有所表现。
 [attach]9459[/attach]

kelly092

感谢