Contents
Investment summary................................................................................................... 3
Background................................................................................................................. 4
Outlook........................................................................................................................ 6
Demand................................................................................................................... 6
Supply ..................................................................................................................... 7
Industry trends......................................................................................................... 8
Industry consolidation.............................................................................................. 9
Tighter regulations................................................................................................... 9
Costs ..................................................................................................................... 10
Risks ......................................................................................................................... 11
Competitive analysis ................................................................................................. 14
Dupont analysis......................................................................................................... 15
SWOT analysis ......................................................................................................... 16
Valuation and recommendation................................................................................. 17
Company Briefs…..................................................................................................... 22