We trim Nocil's FY20-21E estimates by 10-13% as we lower EBIDTA margin and realization assumptions due to sub optimal capacity utilization from auto slowdown and benign raw material prices. China Sunsine (CS; Mkt cap- USD400m) is a world's leading rubber chemicals player with a production capacity of 172,000tons including 30,000tons of insoluble Sulphur. CS had a stellar CY18 led by high realization (+11%YoY) and increased volume (+8%YoY). Our analysis on CS Annual Report suggests that industry consolidation will continue considering China's strict...