China's continued expansion of chemical capacity and high-end production is fueling global oversupply, keeping operating rates and margins under pressure Declining demand, falling realizations and spreads, inventory de-stocking, and continued dumping combined with rising overcapacity across key chemical chains and weak visibility, have led to sharp downward revisions in consensus estimates for specialty chemical companies under our coverage. Such sharp EPS cuts have resulted in sliding stock prices, with a few names nearly halving over the past few quarters, along with de-rating. Since FY24-end, companies...