Chemicals

Ruanyun Edai Technology Inc., trading as RYET, has signed a definitive agreement to grant BioNexus Gene Lab Corp., or BGLC, an exclusive license to its Cogni AI document-intelligence platform for healthcare in Malaysia, alongside a reciprocal share exchange. The license runs ten years from closing and is renewable at BGLC's option for two further five-year terms, up to 20 years in total, and is exclusive in Malaysian healthcare for the full term. RYET would receive a 10% royalty on qualifying technology receipts collected by BGLC and its affiliates, with no minimum royalty or guaranteed revenue, and the same 10% royalty applies to any other industry BGLC adds in Malaysia by notice. At closing BGLC would issue 410,000 common shares to RYET for the license, a consideration of US$3.5 million, and a further 150,000 shares in exchange for 500,000 new RYET ordinary shares, with no cash payment or true-up. Based on Nasdaq closing prices on October 2, 2026, of US$1.27 for BGLC and US$0.8599 for RYET, the 410,000 license shares had a quoted value of US$520,700, the 150,000 BGLC exchange shares US$190,500, and the 500,000 RYET shares US$429,950. The deal comes as Malaysia accelerates public healthcare digitalization, after Prime Minister Anwar Ibrahim announced a RM1 billion allocation on August 30, 2026, involving 150 hospitals and 2,000 health clinics, though neither company is a party to or has been awarded any contract under these government programs, and Cogni AI is not an electronic medical records system. Closing remains subject to conditions including BGLC's written acceptance of the technology after testing, due diligence, corporate and regulatory approvals, and any PRC approval, registration or license RYET needs to license and deliver the technology, with either party not in default able to terminate if closing has not occurred by March 31, 2027.

J.P. Morgan on Monday added Givaudan to its Positive Catalyst Watch ahead of the company's Oct. 13 third-quarter results, expecting organic sales growth of 6.7%, above consensus of about 5%. The broker, which rates Givaudan overweight, said the results could prompt upward revisions to its 2026 and 2027 sales and margin forecasts, and it expects like-for-like sales growth of 5.0% in 2026 and 5.6% in 2027, versus consensus of 4.2% and 4.7%. For the third quarter, the bank forecasts organic sales growth of 6.7%, up from 4.3% in the second quarter, driven mainly by 6.2% volume growth, with pricing growth of 0.5% and a 2026 EBIT margin of 24.1%, slightly above consensus of 23.8%. J.P. Morgan expects 2026 earnings per share of CHF 135.1 and 2027 EPS of CHF 141.8, up from CHF 133 and CHF 139 in its forecasts a month ago, and it sees Givaudan as the fastest-growing company among its ingredients peers in the second half of 2026. Across the ingredients sector, the bank expects third-quarter like-for-like growth of 5.2%, forecasting 3.7% for Kerry and 4.8% for Symrise against 6.7% for Givaudan, while more broadly it expects European consumer staples companies to deliver upside surprises in third-quarter sales and profit forecasts.

Nutrien Ltd. announced it will indefinitely shut down its Trinidad Nitrogen operations at the Point Lisas Facility following an extensive review of strategic alternatives and engagement with relevant stakeholders. The company said ongoing natural gas constraints and uncertainty made the closure the optimal path to enhance free cash flow and return on invested capital. Nutrien had previously implemented a controlled shutdown of the facility on October 23, 2025, in response to port access restrictions and a lack of reliable and economic natural gas supply that reduced the free cash flow contribution of the Trinidad Nitrogen operations over an extended period. Dean Perkins, Senior Vice President, Upstream, Nitrogen and Proprietary Product Operations, said the company appreciates the contributions and dedication of its Trinidad team and is committed to managing the transition responsibly and safely. Nutrien said there will be no impact to its 2026 Nitrogen sales volume guidance because the company assumed no production from its Trinidad Nitrogen operations, and it remains well positioned to meet customer demand for nitrogen and grow volumes from its North American Nitrogen assets through reliability improvements and low-cost debottleneck projects.

Air Liquide unveiled a new strategic plan through 2030 on Monday, targeting annual growth in recurring net earnings per share of about 10% and launching its first-ever share buyback program, worth €4 billion over 2027-2028. The plan, named BEYOND, aims for compound annual growth of 10%, plus or minus 2 percentage points, in recurring net EPS from the end of 2025 to the end of 2030, along with recurring return on capital employed above 11% in 2030. The French industrial gases group expects sales to grow at a compound annual rate of 5%, plus or minus 1 point, outpacing industrial production by a factor of two to three, and targets a cumulative operating margin improvement of 400 to 600 basis points over 2026-2030. Capital allocation of more than €40 billion over the period will cover investments, acquisitions, dividends and buybacks, with more than half going toward industrial investments and acquisitions and about €24 billion in industrial investment decisions planned. Air Liquide named four priority markets — electronics and artificial intelligence, energy transition, healthcare and space — and said it expects electronics sales to grow at a weighted average annual rate above 10% over 2026-2030. CEO François Jackow said the group's profitability now allows it to go beyond reinvestment, including through the buyback and annual employee share purchase plans, and the company reaffirmed a 33% cut in Scope 1 and 2 carbon dioxide emissions by 2035 from 2020 levels and carbon neutrality by 2050.

AkzoNobel said on Monday it has agreed to sell its Southeast Asian decorative paints business to Nippon Paint for $1.35 billion, concluding its strategic review of its Asian decorative paints portfolio. The sale covers decorative paints operations in Vietnam, Indonesia, Malaysia, Thailand, Singapore, Papua New Guinea, and Australia, the Dutch paints maker said, adding that it expects net cash proceeds of about $1 billion after tax and payments to minority partners. The Dulux paintmaker earlier divested its decorative paints operations in India and Pakistan for $1.6 billion and 50 million euros, respectively. The Indonesia deal is expected to close separately in late 2026, while the remaining transactions are expected to close around mid-2027. AkzoNobel said it will now focus on the successful closing of its merger with US coatings maker Axalta, which was announced last November.

Nippon Paint Holdings agreed to buy AkzoNobel's decorative paints businesses across Southeast Asia, Australia and Papua New Guinea for $1.35 billion, sending its shares up 1% to 1,169 yen on Monday. The transaction covers AkzoNobel's decorative paints operations in Vietnam, Indonesia, Malaysia, Thailand, Singapore, Papua New Guinea and Australia and represents an enterprise value of about $1.35 billion. AkzoNobel said the deal values the business at 21 times 2025 EBITDA, while Nippon Paint puts the purchase price at about 16 times projected 2026 EBITDA. The businesses generated $291 million of revenue and $65 million of EBITDA in 2025, according to Nippon Paint, with an EBITDA margin of about 22%. Nippon said the acquisition is expected to be profit accretive after completion and will be funded through cash and bank borrowings rather than issuing new shares, limiting immediate dilution for existing shareholders. The Indonesia transaction is expected to close separately in late 2026, while the remaining transactions are expected to be completed around mid-2027, subject to regulatory approvals. The deal marks a partial success for Nippon Paint after it previously sought to acquire AkzoNobel's entire decorative paints business, which Akzo rejected at proposals valuing it at about €7.5 billion, and after Nippon Paint and Sherwin-Williams abandoned a joint attempt to acquire the entire company earlier this year.

Nippon Paint Holdings announced on the 5th that it has agreed to acquire the Southeast Asian architectural coatings business of Dutch paint maker AkzoNobel for 1.35 billion dollars, or about 216 billion yen. The acquisition covers operations in Vietnam, Indonesia, Malaysia and Singapore, and also includes architectural coatings businesses in Thailand, Australia and Papua New Guinea. The company aims to strengthen its competitiveness in Southeast Asia's architectural coatings sector by leveraging Akzo's sales, manufacturing and supply systems as well as its brand strength. The share acquisition and business transfer are expected to be completed in mid-2027, and the impact of the acquisition on its results for the fiscal year ending December 2026 is expected to be minor. In July, Nippon Paint revealed that it had proposed acquiring Akzo's architectural coatings business for a total of 7.5 billion euros, but Akzo, which had already signed a merger agreement with US-based Axalta Coating Systems, indicated it would not accept alternative proposals. Nippon Paint had also previously proposed an acquisition of Akzo jointly with US-based Sherwin-Williams, which Akzo rejected in May, and this time it succeeded in reaching a deal by narrowing its target to Southeast Asia.

Dutch paint maker AkzoNobel is nearing an agreement to sell its Southeast Asian architectural coatings business to Nippon Paint Holdings for well over $1 billion, the Financial Times reported, citing people familiar with the matter. A deal could be reached as early as the 5th. The sale would include architectural coatings operations in Vietnam, Indonesia, Malaysia, Thailand and Singapore, as well as Papua New Guinea and Australia. The two companies announced in July that Nippon Paint had submitted multiple proposals to acquire AkzoNobel's architectural coatings business for a total of 7.5 billion euros, but AkzoNobel, which has already signed a merger agreement with US-based Axalta Coating Systems, said it would not accept alternative proposals. According to the Financial Times, Nippon Paint remains interested in a larger deal for the architectural coatings business, but integrating the Southeast Asian operations is expected to take some time, and AkzoNobel has no plans to sell further assets from that business.

DuPont de Nemours has launched the DuPont Sugar Separation Advisor, an interactive digital tool that helps sugar and sweetener manufacturers evaluate chromatographic separation opportunities and identify suitable DuPont AmberLite resins for further testing. The tool builds on decades of chromatography application expertise and years of experimental separation data, letting users select a target sugar or sweetener, add up to four additional sugars or impurities to represent their feed stream, and generate a predicted chromatogram that yields a qualitative separation assessment and candidate AmberLite resin suggestions. DuPont developed the platform in response to recurring customer questions involving sugars and sweeteners such as allulose, tagatose, sorbitol, oligosaccharides, xylose and inositol, and it could support applications ranging from high-fructose corn syrup and beet sugar processing to rare sugars, oligosaccharides, polysaccharides and sugar alcohols. The launch expands access to DuPont's chromatography expertise as the company focuses on innovation, productivity and growth across healthcare, water and industrial markets. In August, DuPont raised the midpoint of its full-year 2026 operating EBITDA and adjusted earnings guidance after second-quarter outperformance, now expecting net sales of $7.16-$7.19 billion, operating EBITDA of $1.75-$1.77 billion and adjusted earnings of $7.17-$7.32 per share.

Methanex has announced a partial redemption of US$300 million of its 5.125% senior notes due October 15, 2027, with the redemption scheduled for October 19, 2026. The move puts a fresh spotlight on the company's balance sheet, and Methanex plans to reduce leverage significantly by repaying $550 million to $600 million in debt over the next 18 months, which is expected to improve net margins and increase financial stability. The strategic OCI acquisition is expected to expand Methanex's capacity and market reach while generating synergies and contributing to higher earnings and efficiency in financial operations. The shares have climbed strongly, with a 90 day share price return of 27.81% and a year to date share price return of 48.63%, while the 1 year total shareholder return of 54.63% points to solid longer term momentum, even as short term moves have softened slightly around the partial debt redemption news. At a last close of CA$83.19 versus a narrative fair value of CA$91.07, Methanex screens as modestly undervalued, though at a P/E of 51.2x the stock is priced far above both the North American Chemicals industry on 21.5x and a fair ratio of 21.1x.

North East Rubber Public Company Limited, or NER, is confident that revenue in 2026 will reach 30 billion baht, in line with its target, driven by higher natural rubber prices and tight global natural rubber supply caused by weather impacts. Chuwit Jungtanasomboon, Chief Executive Officer of NER, said demand for rubber from major tire makers in the Chinese and Indian markets and other key automobile-producing countries continues to have momentum. Growth in the automotive and electric vehicle, or EV, industries, along with the European Union's EUDR environmental regulations, are factors supporting natural rubber demand over the long term. The company estimates that in the third quarter of 2026, higher average selling prices will help support revenue, even though sales volume will be affected by raw material tightness. It will manage production across its plants in line with available raw material volumes, and will continue to monitor rubber price trends in the final stretch of 2026. If supply remains tight and demand from the tire industry keeps its momentum, there is an opportunity to further support NER's selling prices and business.

Trinity Securities estimates that Thai Eastern Group Holdings, or TEGH, still has continued supporting factors in the second half of 2026, maintaining its net profit forecast for 2026 at 560 million baht, up 5% from the previous year. In the rubber business, which is the most prominent factor, Trinity expects rubber sales volume in the third quarter of 2026 at approximately 60,000-70,000 tonnes, flat from the second quarter of 2026 but growing strongly compared with the same period last year. Meanwhile, block rubber selling prices are expected to rise to approximately 75-80 baht per kilogram, from an average selling price of about 70 baht per kilogram in the second quarter of 2026, supported by demand for block rubber in the Indian market after the Indian government announced an exemption on rubber import taxes, lower rubber output due to El Nino conditions, and higher crude oil prices, which pushed synthetic rubber prices up. For the crude palm oil business, Trinity estimates that sales volume in the third quarter of 2026 may slow seasonally, but prices still have supporting factors from demand for palm oil to increase the biodiesel blending ratio, and it expects sales volume to recover in the fourth quarter of 2026. The company itself is pressing ahead with increasing the share of EUDR-standard rubber products after the direction of the European Union's regulatory enforcement became clearer, as well as improving the efficiency of its palm business by repairing machinery and installing additional boilers and sterilizers, which is expected to help increase crude palm oil production capacity by about 50% within this year. As for the phase 2 biogas production capacity expansion project, it is under review of technology and budget, with the completion date adjusted to the second quarter of 2027.

MWCC, which provides solutions built on its microwave chemical technology platform, announced that its research and development theme has been selected as a prospective implementation site under the New Energy Small and Medium Enterprises and Startup Support Program of the New Energy and Industrial Technology Development Organization (NEDO), and that it has received notice from NEDO of a decision to grant a subsidy of 47 million yen. The company changed its name from Microwave Chemical on October 1, 2026.

Erste Group Bank AG has proposed a voluntary tender offer to acquire an additional 26% stake in Erste Bank Polska for PLN 19.0b at approximately PLN 713 per share. If completed, the tender offer would increase Erste Group Bank AG's holding in Erste Bank Polska from 49% to as much as 75%, raising its exposure to the Polish market once all offer conditions are met. The proposed acquisition is planned to be funded entirely from Erste Group Bank AG's internal resources, with a targeted post offer CET1 ratio of more than 14.25%. The offer is subject to minimum acceptance, free float conditions and regulatory approval from the Polish Financial Supervision Authority, with launch expected at the start of November 2026 and completion targeted for December 2026. Analyst price targets on the stock include Citi's Buy rating with a PLN 845 target and Goldman Sachs' Neutral stance with a target lifted to PLN 750, while Simply Wall St's fair value estimate for Erste Bank Polska now stands at PLN 720.34, compared with PLN 687.74 previously.

KB Securities analyst Wooje Chun named Hanwha Solutions and DL Holdings as top solar stock picks, arguing that surging electricity prices more than offset higher module costs and interest rates. Module prices are expected to climb from $0.30-0.33 per watt to $0.38-0.437 per watt, a 32% increase, but because modules account for only 31% of costs for utility-scale systems and 11% for residential installations, the overall impact on total investment costs stays modest at 3-10%. The U.S. 10-year Treasury yield rose from 4.42% in the second quarter of 2026 to 5.24% as of September 28, while three-year PJM power futures jumped to $89.5 per megawatt-hour on September 28, up 37% year-over-year and 20% from the second quarter of 2026, with MISO up 14% and ISO-NE up 15%. KB Securities calculates that a 14% rise in power purchase agreement prices would lift revenue by $36.1 million for a typical 100-megawatt utility-scale solar plant, while higher interest rates would add only $3.3 million in interest expense, and even a 16% increase in total investment costs would be offset by a 5.6% hike in PPA prices. Hanwha Solutions is favored for its EPC and third-party ownership businesses and its module business, which produces 80% of its output in the United States, while DL Holdings benefits from two U.S. gas-fired power plants in the PJM market totaling 2.1 gigawatts, held at 25% and 30% ownership stakes, as power purchase prices rise without matching increases in Henry Hub natural gas prices.

Clariant has acknowledged the closing of the Stahl transaction between Wendel SE and Henkel, a deal that triggers its contractual obligation to sell its minority stake. Clariant held a minority stake of 14.6 % in Stahl Group, and its participation in the closing results in a preliminary cash proceed of CHF ~ 220 m pre-tax. The company said the existing shareholder agreement included a contractual obligation for Clariant as minority shareholder to participate in the transaction following notification from Wendel SE. The announcement was made in Muttenz on 01 October 2026.

Hawkins, Inc. has completed the acquisition of the assets of Eagle Labs, Inc., expanding its Water Treatment business into the Dallas–Fort Worth region of Texas. Eagle Labs distributes water treatment products directly to customers in Texas and has in-house manufacturing capabilities. The acquisition adds two locations in the Dallas–Fort Worth area, increasing Hawkins' total Water Treatment facilities in Texas to seven; Hawkins first entered the Texas market in fiscal 2022. According to Hawkins, Eagle Labs brings expertise in coagulants and polymers, along with a customer service model that complements Hawkins' existing Water Treatment operations in the state, and has served North Texas and surrounding areas for more than 30 years. Hawkins has also opened a new facility in the Dallas–Fort Worth area, which the company expects, together with the acquired Eagle Labs operations, to strengthen its ability to serve water treatment demand across the region.

Vicor, Inogen and Alphabet were among Thursday's biggest stock gainers, while Corteva led decliners. Vicor shares jumped 10% after the company raised its Q3 sequential growth guidance to more than 30% from its previous outlook of more than 20%, reflecting increased royalties from its first non-exclusive license for vertical power delivery technology. Inogen shares surged 8% after the company agreed to divest its U.S. oxygen rental business to Rotech Healthcare for total estimated cash consideration of up to $25M, a deal expected to close in Q4 2026, alongside a long-term supply agreement with Rotech; the rental business generated $24.3M in revenue in 1H 2026, down 9.8% Y/Y, and Inogen increased its share repurchase authorization by $15M to $45M, expiring June 30, 2028. Alphabet shares edged higher 4% after Google provided a first look at Gemini 4 Argon, its latest frontier AI model, which outperformed OpenAI Astra and Anthropic Fable 5.1 and Opus 5.5 in 13 of 19 benchmarks, including a 77.9% score on DeepSWE v1.1, and will cost $2 per million input tokens and $10 per million output tokens when launched. Corteva shares dropped 64% following the planned tax-free separation of its Crop Protection business into an independent publicly traded company, Vylor, a decline reflecting the mechanical price adjustment associated with the distribution rather than a conventional sell-off, with the separation effective October 1.

Arkema announced a €10 million expansion project for its Global Battery Center of Excellence in Oullins-Pierre-Bénite, in the Auvergne-Rhône-Alpes region of France. The investment will triple the center's footprint and modernize its research infrastructure, including a significant increase in the digitalization of R&D activities. The expansion builds on the Group's global battery R&D network, which spans France, China, South Korea, Japan and the United States, and follows the September 2025 inauguration of a solvent-free battery electrode manufacturing laboratory in Normandy. Arkema said the project will let its researchers replicate customers' manufacturing conditions to accelerate integration of its advanced materials into cell makers' production processes and support batteries with greater energy density, faster charging and enhanced safety. Chief Technology Officer Armand Ajdari called the investment a major milestone in Arkema's ambition to support the rapid evolution of the battery market. The project received support from the French Research Tax Credit and the French State as part of the France 2030 program.

North East Rubber, or NER, expects the rubber industry in the final stretch of 2026 to remain supported by continuously growing demand for rubber, particularly in the Chinese and Indian markets. At the same time, global natural rubber output remains tight, with the European Union's enforcement of the EUDR regulation serving as an additional factor. Chuwit Jungtanasomboon, Chief Executive Officer of NER, said the company is pressing ahead with efficient cost and inventory management alongside raw material risk management to cope with volatility in rubber prices and customer demand. In the third quarter of 2026, the company expects higher average selling prices to help support revenue, even though sales volume will be affected by the tightness of raw materials, with a focus on managing production across its plants in line with available raw material volumes. He also affirmed confidence that revenue in 2026 will climb to 30 billion baht, in line with the plan that has been set.

AFYREN's 100% bio-based propionic acid has enabled the global launch of Esse Barrier Rescue, the world's first skincare product formulated with natural propionic acid, now available to skincare professionals and consumers worldwide. The moisturizer, developed by South Africa-based Esse Skincare, combines propionic acid and ceramides to relieve extremely dry and reactive skin while reinforcing the skin's natural ecosystem. AFYREN produces the COSMOS-certified propionic acid through natural fermentation at its AFYREN NEOXY plant in France's Grand-Est region, the first facility in the world capable of producing a portfolio of organic acids at commercial scale. The partnership, which began in December 2025, marks the first use of a natural microbial metabolite in its pure, bio-based form in the skincare industry, opening the door to new cosmetic solutions. Joachim Merziger, COO of AFYREN, said the partnership shows how biotechnology can unlock new opportunities for both performance and sustainability in cosmetics.

North East Rubber, or NER, expects the rubber industry to remain supported by continuously growing demand for rubber, particularly in the Chinese and Indian markets, while global natural rubber output remains tight and the European Union's enforcement of the EUDR regulation provides an additional supporting factor. Chief Executive Officer Chuwit Jungtanasomboon said the company is pressing ahead with efficient cost and inventory management alongside raw material risk management to cope with market volatility. In the third quarter of 2026, the company expects higher average selling prices to support revenue, even though sales volume will be affected by the tightness of raw materials, and it aims to manage production across its plants in line with available raw material volumes. It also reaffirmed its confidence that revenue in 2026 will reach 30 billion baht, in line with its plan.

Chuwit Jungtanasomboon, Chief Executive Officer of North East Rubber Public Company Limited, or NER, said the outlook for the rubber business in the final stretch of 2026 remains bright, supported by higher global rubber prices amid tight global natural rubber supply as output has been affected by weather. Demand for rubber from the Chinese and Indian markets and major automobile-producing countries, as well as the tire industry, continues to carry momentum, and the growth of electric vehicles is also supporting demand over the long term. In addition, enforcement of the European Union's EUDR regulation has led operators to place greater emphasis on sourcing and traceability of raw materials, and NER has developed partner networks and a source-verification system to meet global market demand. In the third quarter of 2026, the company estimates that higher average selling prices will help support revenue, even though sales volume will be affected by tight raw material supply. The company aims to manage production across its plants in line with available raw material volumes, and is confident that revenue in 2026 will reach 30 billion baht as planned.

P.S.P. Specialties, or PSP, has announced a strategic partnership with Orthene Chemical Co., Ltd., or Orthene, an international expert in the development and production of brake fluid products with more than 50 years of experience, to expand its business into automotive brake fluids and raise its production to international standards by establishing a production base in Thailand to serve demand across the ASEAN region. Under this partnership, PSP has been appointed as Orthene's Exclusive Regional Manufacturing Hub for the ASEAN region, covering Thailand, Vietnam, Indonesia, Malaysia, Singapore, the Philippines, Cambodia, Laos, Brunei and Myanmar. PSP will receive direct transfers of knowledge, product formulas and production technology from Orthene, making it the first in Thailand to bring Orthene's technology and product formulas into domestic production. Orthene, meanwhile, will support technical knowledge, production formulas, product standards, laboratory testing, training, regulatory compliance, as well as continuous product research and development. Mr. Seksan Krongpanich, Deputy Chief Executive Officer of P.S.P. Specialties, said this partnership is an important step for PSP in upgrading its manufacturing capabilities toward specialty products that use high-level technology and quality standards, and in driving Thailand to become a production base for high-quality brake fluid products for the ASEAN market.

North East Rubber Public Company Limited, or NER, estimates that the rubber industry in the final stretch of 2026 will continue to draw support from steadily growing rubber demand, particularly in the Chinese and Indian markets, while global natural rubber output remains tight, tire demand stays strong, and the European Union's EUDR regulation takes effect. NER Chief Executive Officer Chuwit Jungtanasomboon said the company is closely monitoring supply and demand conditions and is managing raw materials, costs, and product inventory to cope with rubber price volatility. In the third quarter of 2026, the company expects higher average selling prices to support revenue, even though sales volume will be affected by the tightness of raw materials, and it aims to coordinate production across its plants in line with available raw material volumes. The company is confident that revenue in 2026 will reach 30 billion baht, in line with its plan.

Global New Material International Holdings Limited announced that the registration of the share transfer for its acquisition of approximately 29.89% of the shares of Zhejiang Jihua Group Co., Ltd. was completed with China Securities Depository and Clearing Corporation Limited, Shanghai Branch on 29 September 2026. The transaction, signed on 6 February 2026, took approximately eight months to complete and involved a consideration of RMB1,495 million, with subsequent arrangements including the reorganisation of Zhejiang Jihua's board of directors to proceed in accordance with relevant procedures. Zhejiang Jihua operates the world's third-largest dye production base and reported 1H2026 operating revenue of RMB796 million, up 12.27% year-on-year, and net profit attributable to shareholders of RMB46.16 million, up 1,235.47% year-on-year. GNMI, which acquired CQV in Korea in 2023 and SUSONITY for EUR665 million in July 2025, reported 1H2026 revenue of RMB2,558.3 million, up 180.5% year-on-year, and issued RMB1.3 billion in convertible bonds on 24 September 2026 at an initial conversion price of HK$10.93 per share. Dr SU Ertian has increased his shareholding on multiple consecutive occasions and currently holds 36.4% of the Company's shares.

North East Rubber Public Company Limited, or NER, is confident that revenue in 2026 will reach 30 billion baht according to its plan, driven by the upward trend in global natural rubber prices. Chief Executive Officer Chuwit Jungtanasomboon said the company is closely monitoring supply and demand conditions in the natural rubber market, while managing raw materials, costs, and product inventory in line with market conditions. Factors supporting rubber prices come from an overall tight supply due to natural rubber output affected by weather, while demand from major tire manufacturers, especially in the Chinese and Indian markets, still has momentum, together with the electric vehicle trend and the European Union's EUDR measures that support natural rubber demand in the long term. For the third quarter of 2026, the company estimates that higher average selling prices will help support revenue, even though sales volume will be affected by the tightness of raw materials, and it aims to manage production across its factories in line with available raw material volumes.

Sika AG is hosting an investor day at its largest adhesive factory in Duedingen, Switzerland, outlining group-wide growth initiatives centered on its Adhesive Systems technology. CEO Thomas Hasler said the acquisition of Akkim has created a highly scalable platform that will allow Sika to double Akkim's sales within five years. The company said its Fast Forward digital transformation program remains on track to deliver CHF 80 million in benefits in 2026 and will drive a profit uplift of CHF 150 to CHF 200 million through to 2028. Adhesive Systems is one of Sika's five core technologies and is used across most of its eight Target Markets, serving as a major growth driver in both construction and wider industrial applications. The event also includes a tour of the Duedingen manufacturing site, showcasing production of high-performance adhesives and sealants.

Chuwit Jungtanasomboon, Chief Executive Officer of North East Rubber Public Company Limited, or NER, said that higher natural rubber prices are supporting the business for the remainder of 2026, with the company confident that revenue will surge to 30 billion baht for the year, in line with its plan. The price support comes from an overall tight supply of natural rubber after production was hit by weather, while demand from major tire makers, especially in China, India and key automobile-producing countries, remains strong, supported by growth in the automotive and electric vehicle industries and the European Union's EUDR environmental regulation, which is pushing manufacturers to place greater emphasis on sourcing and traceability of raw materials. In the third quarter of 2026, the company expects higher average selling prices to support revenue even as sales volumes are affected by tight raw material supply. The company is focused on managing production across its plants in line with available raw material volumes, and continues to monitor rubber price trends through the final stretch of 2026 while preparing its supply chain for changes in the natural rubber market going forward.

North East Rubber Public Company Limited, or NER, is confident that its revenue in 2026 will reach 30 billion baht in line with its plan, driven by higher natural rubber prices amid tight supply and strong demand. Chief Executive Officer Chuwit Jungtanasomboon said the company is closely monitoring supply and demand conditions in the natural rubber market and is managing raw materials, costs and inventory in line with market conditions to cope with rubber price volatility. Factors supporting rubber prices stem from output affected by weather, while demand from major tire manufacturers remains strong, especially in the Chinese and Indian markets and other key automobile-producing countries. In addition, growth in the automotive and electric vehicle, or EV, industries is also supporting natural rubber demand over the long term, including environmental regulations such as the European Union's EUDR, which is prompting operators to place greater emphasis on sourcing and traceability. For the third quarter of 2026, the company estimates that higher average selling prices will help support revenue even though sales volume has been affected by tight raw materials, and the company will manage production across its plants in line with raw material volumes to maintain operating efficiency.

Asia Plus Securities research has issued an analysis of PTTGC and SCC shares after both companies notified the Stock Exchange of Thailand of progress in their feasibility study on a strategic joint venture between PTTGC and SCGC in the olefins and polyolefins business in Thailand. The two parties have reached a preliminary agreement on the scope of the joint venture, or JV Scope. PTTGC is expected to be the major shareholder in the joint venture, while SCGC will retain a significant stake in the venture. The research team views this JV as a strategic reset for PTTGC during the downturn phase of the petrochemical cycle, helping to reduce downside risk from investing in new capacity expansion in a market that is in a state of oversupply and building leadership in the region's petrochemical business. PTTGC will reinforce strengths on the upstream and feedstock flexibility side, while SCGC will reinforce downstream, HVA and R&D. For SCC shares, the research team views that the key issue is not holding less than 50%, but rather the value of synergies and the economic returns from the JV. Not consolidating the financial statements may make the balance sheet more efficient, and petrochemical business profit would shift from recognition through EBITDA to equity income. The research team recommends trading PTTGC shares with a target price of 48 baht and recommends buying SCC shares with a fair value of 310 baht. Both companies will finalize key transaction details, such as the shareholding structure, operational steps and synergies, by the end of October 2026. The joint venture remains subject to internal approval by both companies, the final valuation and approval from shareholders and joint venture partners.

PTT Global Chemical, or PTTGC, and Siam Cement Group, or SCC, announced that discussions on establishing a joint venture for olefins and polyolefins businesses in Thailand have entered the due diligence stage to verify information. This marks clear progress from the signing of a non-binding memorandum of understanding in April. The proposed joint venture would combine nearly all of the two groups' core olefins and polyolefins assets in Thailand. PTTGC would contribute its olefins production plant, its polyethylene, or PE, production plant, and its investment in HMC Polymers Company Limited. SCC would contribute its olefins production plant in Thailand, its PE and polypropylene, or PP, production plants, as well as SCGC's investments in various joint ventures, namely Siam Polyethylene Company Limited, Siam Synthetic Latex Company Limited, Thai MMA Company Limited, and Bangkok Synthetics Company Limited. PTTGC is expected to be the major shareholder in the joint venture, while SCGC would remain a significant shareholder. Key terms of the transaction are expected to be clarified by October 2026, including the shareholding structure, transaction procedures, and the expected value of the collaboration. After that, requests will be submitted to the Trade Competition Commission, as well as for internal approvals, shareholder approvals, and approvals from partners in the relevant joint ventures.

SCG Chemicals, or SCGC, a subsidiary of Siam Cement, or SCC, and PTT Global Chemical, or PTTGC, reported progress on the establishment of their petrochemical joint venture, or JV, saying it is proceeding according to plan and has entered the confirmatory due diligence stage to verify information. The two sides are also negotiating the key terms of the transaction. The preliminary structure is becoming clearer, with PTTGC to be the major shareholder of the JV while SCGC will hold a significant stake, with the shareholding proportions to be determined by the value of the assets each side contributes to the joint venture. On asset scope, the SCGC side comprises olefins production plants, polyethylene, or PE, plants, polypropylene, or PP, plants, as well as investments in joint ventures including Siam Polyethylene, Siam Synthetic Latex, Thai MMA and Bangkok Synthetics. The PTTGC side covers olefins production plants, PE plants and its investment in HMC Polymers. Neither side has disclosed the expected synergy value from the business combination, and both will accelerate finalisation of the transaction's key elements, including the shareholding structure, the transaction process and the synergy value, with clarity expected by October 2026, before entering the approval process with the shareholders of both parties, the relevant regulators, the Trade Competition Commission and the shareholders of the related joint ventures. Land and Houses Securities estimates that the approval process with the Trade Competition Commission could take about six months. Land and Houses Securities views the matter as positive for both SCC and PTTGC, noting that since the start of the year SCC's share price has risen about 45% compared with a gain of about 132% for PTTGC, and it maintains a buy recommendation on both stocks.

Shares of PTTGC and SCC rose after the latest progress in their petrochemical merger deal. As of 10:02 a.m., PTTGC was up 2.58%, gaining 1.25 baht to 49.75 baht, with trading value of 238.14 million baht, while SCC was up 1.18%, gaining 3.00 baht to 257.00 baht, with trading value of 187.38 million baht. InnovestX Securities said in an analysis that PTT Global Chemical, or PTTGC, and SCG Chemicals, or SCGC, a wholly owned subsidiary of Siam Cement, or SCC, are pressing ahead with the confirmatory due diligence process alongside negotiations on key transaction terms for the establishment of a joint venture in Thailand. The transaction covers the two companies' main petrochemical assets in Thailand, centered on the Map Ta Phut Industrial Estate. PTTGC is expected to be the major shareholder in the new JV, while SCGC will hold a significant minority stake. Both parties have already defined the scope of assets. On the PTTGC side, this covers the olefins and polyolefins businesses in Thailand, namely olefins production plants, polyethylene production plants, and the investment in HMC Polymers, while the refinery business, aromatics business, biochemical business, and specialty chemicals business, mainly allnex, will remain under PTTGC. For SCGC, the scope comprises olefins production plants, polyethylene production plants, and polypropylene production plants, as well as SCGC's investments in joint ventures, namely Siam Polyethylene Company Limited, Siam Synthetic Latex Company Limited, Thai MMA Company Limited, and Bangkok Synthetics Company Limited. However, some of SCGC's joint ventures and SCC's Long Son Petrochemical, or LSP, plant are not included in this transaction. Both parties are assessing opportunities to create synergies and preparing to seek approval from the relevant joint venture partners. The disclosure of further details in October 2026 will help the market more accurately assess the positive impact on earnings, the effect on financial position, and the upside to the share value of both parent companies. Key information to be disclosed includes the final shareholding proportions between PTTGC and SCGC, the synergy assessment, the asset valuation method, and the accounting treatment and consolidation mechanism. The merger and full operational integration are expected around mid-2027 after receiving approval from the relevant regulators and shareholders. The transaction requires approval from the Trade Competition Commission, and the review process is expected to take about three to six months. However, management does not view obtaining trade competition approval as a significant obstacle to proceeding with the transaction, since petrochemical products are commodities traded in the global market and priced according to international market mechanisms, while the main purpose of setting up the JV is to improve operational efficiency rather than to control domestic prices. InnovestX Securities maintained its recommendation and target price, giving PTTGC a target price of 63 baht and maintaining a NEUTRAL recommendation on SCC with a target price of 276 baht.

PTTGC shares rose 2.58% to 49.75 baht at 10:04 a.m. as the market watched progress on the formation of a strategic joint venture between PTTGC and SCGC to combine their olefins and polyolefins businesses in Thailand. The two parties disclosed their latest progress on 30 September 2026, saying the study is proceeding according to plan and has entered the confirmatory due diligence stage to verify information, while also discussing key transaction terms and assessing synergies under the structural framework being considered. PTTGC will be the major shareholder of the joint venture, while SCGC will hold a significant stake. Both parties aim to conclude the material terms of the transaction within October 2026, covering the shareholding structure, the transaction process and the expected synergy value. PTTGC's assets within the scope of the study cover its olefins and polyolefins businesses in Thailand, including olefins production plants, polyethylene or PE production plants, and its investment in HMC Polymers. SCGC's assets cover olefins production plants, PE and polypropylene or PP production plants, as well as investments in related joint ventures, namely Siam Polyethylene, Siam Synthetic Latex, Thai MMA and Bangkok Synthetics. PTTGC previously stated in August 2026 that if the joint venture is formed as planned, the combined business would have olefins and polyolefins production capacity at a leading level in ASEAN, and based on total production capacity would rank among the world's top 10. However, the transaction has not yet been finalised, as information is still being verified and key conditions are still being set. Once a conclusion is reached, it will need to pass the internal approval processes of both parties, as well as obtain permission from the Trade Competition Commission and relevant regulators before proceeding further.