Sunvic 报告 （Phillip Securities Research） 20110117BUY (Maintained) Closing Price S$0.71 Target Price S$1.07 (+50.7%) • Trade price of core product holding firm • Revising our estimates up to factor in tax rebate, higher ASP and cracking plant contribution • Maintain Buy, increased target price to $1.07 Tax incentive rebates Sunvic announced that it has gotten approval to utilize the balance of the tax incentive which was granted to its subsidiary in 2007 and 2008. The tax incentive amounts to RMB123.6 million out of which RMB11.5 million was already refunded in 2008. A further RMB19.3 million would be refunded for 2010 while the balance of RMB92.8 million would be refunded by the first half of 2011. Benefits from mid-cycle expansion In the tone of our strategist, the economy is in a mid-cycle which favours the basic materials and capital goods segments. This arises from the general ‘feel-good’ sentiment of business owners which then leads to investment and business growth. We classify S (more...)