汇丰银行-全球-化工行业-波谷与增长：再投资机会-2018.2.12-24页

Disclosures&DisclaimerThisreportmustbereadwiththedisclosuresandtheanalystcertificationsintheDisclosureappendix,andwiththeDisclaimer,whichformspartofit.Issuerofreport:HSBCBankplcViewHSBCGlobalResearchat:https://www.research.hsbc.comMiFIDII–ResearchIsyouraccessagreed?CONTACTustoday?????Incommoditychemicalsmoatsaredrivenprimarilybyadvantagedfeedstock,whichisscarcebydefinition.Theprimarychallengethenisreinvestmentandcapitalallocation.Yougetacorebusinessthatthrowsoutgreatcashflows,andhavealimitedopportunitywithinthatcore.Incrementalinvestmentoftentendstodilutethemoatandifyoudon’treinvest,thenyouhaveacashutilizationproblem.There’sbeenawidespectrumofresponsestothischallengefromcompanieswithinourcoverage.SABIChasstruggledwithdevelopinggrowthplansoutsideofSaudiArabiaonceitbecameclearthattherewaslimitedaddi