Have seen any word on this company before on ASF so thought I would start a thread.. http://nuplex.com.au/ Business Description Nuplex Industries Limited (NPX) is Australasias largest manufacturer and distributor of technical materials, resins and polymers for use by the paint, ink, adhesive, fibre-reinforced plastics, paper and textile industries. It also supplies a range of industrial chemicals and specialist building products. The company is listed on the New Zealand (NZX) and Australian (ASX) Stock Exchanges and has operations in New Zealand, Australia, Asia, Europe and Americas. Company Strategy NPX is focusing on growth economies in Asia to expand its manufacturing capacity. It believes that China is capacity constrained. It is looking at expanding its coating resins business there in the second half of 2010 at a cost of approximately NZ$25m. It might increase composites capacity in Vietnam in 2011. In Europe and Australasia it does not intend to raise capacity but is targeting efficiency gains. Capital expenditure is likely to be in line with depreciation in 2010 and 2011 of which around 40-50% will comprise of stay-in-business capex. NPX is also planning to sell assets to generate cash. Disposal of Seven Hills and Avondale sites which are expected to fetch NZ$35-40m is still pending. Management is in no hurry to sell these assets and would like to wait until market conditions improve. . NPX has consolidated all its ordinary shares on a 1 for 4 basis. Consequently NPX has 189.8m shares on issue versus approximately 759m shares earlier.We have adjusted our fair value and trigger levels for the stock on the back of a substantial decline in the number of shares on issue. Our revised fair value now stands at NZ$2.44. Our NPAT estimates remain unchanged. However we have corrected our EPS forecasts to reflect the significant reduction in shares outstanding. Our EPS for FY10 and FY11 are NZ12.9c and NZ19c respectively.Nuplex Industries reported NPAT down 76% to NZ$5.96m for the half-year ended 31 December 2008. Revenue from ordinary activities were NZ$795.11m, up 6% from the same period last year. Basic and Diluted EPS were 7.3 NZ cents compared to 30.7 NZ cents last year. Net operating cash flow was NZ$44.27m compared to NZ$44.06m last year. No dividend was declared.