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samchem is good company but probably fully priced in. last qr margin was 7% which is not sustainable for a trading business. the spread was good due to chemical asp increase. things are slowing down now. their sales volume, not revenue is the key to future growth.
Allow me to say something. Margin for 2019 was around 2.3% and 2020 was 3.8%. Q1 2021 already 5.7%. I believe the company is sustainable especially Vietnam business is just the beginning.
dear Mr 合， if a trading & blending company for commodities can maintain 7% Pmargin consistently, I will be very surprised. Maybe you can find a clue in their historical Pmargin. 7% is their highest.
