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  • floppy_6 floppy_6 Aug 16, 2008 4:48 PM Flag

    am I wrong in thinking that

    Nope! the sweet spot is in NPCC, which the only comp. I found is on Mineral technolgy (MTX). However MTX made no emphasis on NPCC (I suspect NPCC not MTX's strengh), rather more on PCC. SDTH has superior technology in dispersing which results in higher purity, that increases the addressable market in great deal. The annoucement on the breakthrough on automobile coating is a big one, which may increase the unit price sold. NPCC's potential in China is only constrained by SDTH's manufacturing capacity.

    On fertilizer side, the comp. is more likely to be TRA rather than POT. However, the to-be-acquired Jinan fertilizer will triple SDTH's chemical division sales by a very small $$ investment. That's a nice boost to SDTH especially their fertilizer gross margin was just up 300 base points.

    The reason I will pay more attention to NPCC is that NPCC is a proprietary technology vs. fertilizer somewhat commodity (still with short-term great optimistic picture).

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