Wanhua Chemical Group （600309）Revising estimates and TP post 2Q24 results； maintain Buy （on CL）

14 August 2024 | 12:34AM HKT Wanhua Chemical Group (600309.SS): Revising estimates and TP post 2024 results; maintain Buy (on CL) Post 2Q24 results (see our first take), we reduce our 2024E-26E EPS estimates by 5-9% to reflect 1) weaker-than-expected margins for Wanhua's performance. chemicals and new materials segment mainly due to intensified domestic competition in aliphatic isocyanates (ADI) based on our channel checks and 2) higher-than-expected opex, impairment losses and finance expenses. That said, ...