Pidilite and Asian Paints are already there!!

Can US do to China what they did with USSR (disintegrate the dragon)? That will lead to a strategic shift as Chinese Govt. is supporting local industry in an unfair manner...

[1/n] https://twitter.com/Vivek_Investor/status/1266351123675222016

Speciality Chemicals/API like Pharma/Biotech is a very heretrogenous space - the "pack" would never move like a commodity sector. But here is an interesting data point...when TMT boom died in Y2K - many tier 2 players got obliterated! - Penta, DSQ, Siverline, Global Tele++

[2/n]

When the Infra/Reality boom ended in 2007 - many tier 1 and tier 2 were "buried deep inside" - Lanco, GVK, JP Associates, GMR, Unitech++++

When Pharma boom ended in 2015 - none of the tier 2 got obliterated (Ajanta, Natco++). Tells you about the Sector Economics!!

[3/n]

Like Pharma, India has a comparative advantage in Chemicals as well (in fact Chemicals is the backend for Pharma) - so don't expect a TMT/IT or Infra type permanent death for majority of players. Many of these monkeys should transition into stronger monkeys and few Gorillas?