China General Plastics Corporation · TWSE:1305
China General Plastics — Q1 2021 Earnings Presentation
22 slides from China General Plastics's earnings presentation, May 17, 2021
Slide 1: China General Plastics Corp. Investor Conference
華夏海灣塑膠股份有限公司 China General Plastics Corp. Investor Conference 2021/5/17 Time Itinerary Reporter 14:00〜〜 VIP Registration 14:30 胡吉宏 副總經理 2021 Q1 Review & Q2 Outlook Otto Hu, 14:30〜〜 Vice President 15:00 郭建洲 經理 2021 Q1 Finance Information C C Kuo, Manager 林漢福 副董事長 15:00〜〜 Wrap up / Q & A H F Lin, 15:3
Slide 2: 2021 Q1 Review & Q2 Outlook
China General Plastics Corp. 2021 Q1 Review & Q2 Outlook Reported by: Otto Hu May 17, 2021
Slide 3: Q1 2021 Review: PVC feedstocks
Q1 2021 Review: PVC feedstocks Ethylene In early Q1, North East Asia ethylene price reached above $1,000 due to the regional supply remained tight on the back of the delayed restart of crackers. Subsequently, ethylene price has become weaker as supply recovery. However, in mid-Feb, the record cold
Slide 4: Q1 Review: PVC
2021 Q1 Review: PVC Most of Chinese downstream users kept operations during Lunar New Year and supported PVC demand and kept the domestic PVC prices moving higher after the New Year. Couple of weeks later, the Texas snow storm effect has made the supply tighter and pushed the Chinese PVC prices go
Slide 5: Q1 Review: Consolidated Sales
2021 Q1 Review: Consolidated Sales The consolidated sales in 2021 Q1 was NT$4.979B, which increased by 1.388B YoY. Sales Quantities(KT) 2021 Q1 2020 Q1 Growth VCM/PVC 102 101 1 PVC Products 16 16 0 Alkaline 15 15 0 Total 133 132 1 5
Slide 6: Crude Oil & Ethylene Price Trend
Crude Oil & Ethylene Price Trend Unit:US$/bbl WTI Unit:US$/MT CFR NEA (Platts) 6
Slide 7: PVC/VCM/EDC Price Trend
PVC/VCM/EDC Price Trend Unit:US$/MT CFR NEA (Platts) 7
Slide 8: Q2 2021 outlook: Ethylene
Q2 2021 outlook: Ethylene US ethylene output in Q1 was roughly down by 20% from Q4 2020 amid winter storm related shutdown. The arbitrage window was closed due to the premium US ethylene prices; hence the US ethylene exports in Q1 2021 fell by about 40% QoQ. The ethylene outflows to Asia was sharp
Slide 9: Q2 2021 outlook: EDC
Q2 2021 outlook: EDC It is said Braskem has restarted its chlor-alkali and reached operating rate at 66% in end Q1. Braskem aimed to completely restart the plant over the summer. So, the EDC imports for Brazil would be reduced in coming months. Alumina & pulp market has been recovering, therefor
Slide 10: Q2 Outlook: PVC Supply (I)
2021 Q2 Outlook: PVC Supply (I) The Chinese PVC output in Q1 was 15% higher YoY. The domestic sales was stable, however, the export quantity in Q1 was almost triple YoY. So, the overall PVC inventory at present in China is low and healthy. Asian PVC producers had been selling with high volumes e
Slide 11: Q2 Outlook: PVC Supply (II)
2021 Q2 Outlook: PVC Supply (II) The damages of US PVC and upstream facilities caused by the snow storm were recovering slowly in Q1. The PVC inventory in end Q1 was 19% lower QoQ and 38% lower YoY according to ACC (American Chemistry Council). Therefore, the PVC F/M announced by major producers i
Slide 12: Q2 Outlook: PVC Demand
2021 Q2 Outlook: PVC Demand The PVC inventory in China is low now because both domestic and export PVC were sold well in Q1. Good control of Covid-19 and upcoming peak season will help to increase the PVC import to reach 600~800 kt per year as usual. The Indian economics is definitely impacted b
Slide 13: Q2 Outlook: PVC Products
2021 Q2 Outlook: PVC Products Although chips shortage for automotive, the harness tapes are expected restocking for both new cars or used cars. The demand has been improving for plastic tile, furniture, door panel, ceiling and stationary in US and European countries. The current demand or restocki
Slide 14: Outlook: PVC Sold by Month
2021 Outlook : PVC Sold by Month Quantity sold in April: 27% up YoY Quantity sold Jan. ~ Apr. sold: 11% up YoY Unit:KMT 14
Slide 15: Outlook: Consolidated Sales
2021 Outlook : Consolidated Sales Revenue in April : 108% up YoY Revenue Jan. ~ Apr.: 50% up YoY Unit:NT$ M 15
Slide 16: Finance information
China General Plastics Corporation and Subsidiaries Finance information Reporter : C.C.Kuo Manager Date : 2021, May 17
Slide 17: Q1 Sales by product (NT$million)
2021 Q1 Sales by product (NT$million) 17
Slide 18: Consolidated Statements of Income
China General Plastics Corporation and Subsidiaries Consolidated Statements of Income (In millions of NTD, except per share data) 2021 2020 2020 2019 2018 YoY% Jan.-Mar. Jan.-Mar. FY FY FY Sales 4,979 3,591 38.6% 13,733 15,118 15,193 Cost of goods sold 3,382 2,871 17.8% 10,374 13,148 12,490 Gross pr
Slide 19: Financial ratio analysis
China General Plastics Corporation and Subsidiaries Financial ratio analysis 2021 2020 2020 2019 2018 Jan.-Mar. Jan.-Mar. FY FY FY Operating income margin(%) 22.2 11.8 15.7 5.1 10.4 Net income margin(%) 17.8 9.7 13.1 4.6 8.9 Debt ratio(%) 26 28 26 29 33 Current ratio(%) 269 314 265 288 300 Quick rat
Slide 20: Disclaimer
Disclaimer This presentation includes the Company’s current information and any development or adjustments thereof will be published according to laws, regulations or rulings. The Company is not obligated to update or revise this presentation. The information in this presentation is not for invest
Slide 21: Thank You
Thank You 21
Slide 22: Wrap Up Q&A
Wrap Up Q&A
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