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    Bhavesh Lodaya • BMO Capital Markets

    Bhavesh Lodaya's questions to Westlake Corp (WLK) leadership

    Bhavesh Lodaya's questions to Westlake Corp (WLK) leadership • Q2 2025

    Question

    Bhavesh Lodaya from BMO Capital Markets asked for details on the municipal water applications market within the HIP segment, including its size, growth rate, and key competitors. He also inquired whether the pricing pressures seen in the pipes and fittings subsegment were abating.

    Answer

    EVP & CFO Steven Bender described the municipal water market as growing at 5-7% over time, with key private competitors like Diamond Plastics and J.M. Eagle. He highlighted Westlake's advantage in providing an integrated kit of both pipes and fittings. Bender also acknowledged that they continue to deal with day-to-day market pricing issues and must remain competitive, especially as resin prices have declined.

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    Bhavesh Lodaya's questions to Westlake Corp (WLK) leadership • Q3 2024

    Question

    Bhavesh Lodaya of BMO Capital Markets questioned if the comment about Q3 earnings being in line with Q2 (excluding one-time items) also applied to the HIP segment, and asked if last year's Q4 seasonality is a good proxy for the upcoming quarter.

    Answer

    EVP and CFO Steve Bender affirmed that, after adjusting for one-time items and weather impacts, results for both the HIP and PEM segments would have been similar to Q2. He also confirmed that last year's Q4 seasonality is a reasonable expectation for the current year.

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    Bhavesh Lodaya's questions to Entegris Inc (ENTG) leadership

    Bhavesh Lodaya's questions to Entegris Inc (ENTG) leadership • Q2 2025

    Question

    Bhavesh Lodaya of BMO Capital Markets questioned the assumptions behind the high and low ends of the Q3 guidance, particularly concerning tariff impacts. He also asked for an update on the progress and timeline for requalifying products to move manufacturing for Chinese customers out of the U.S.

    Answer

    CEO Bertrand Loy explained that the Q3 guidance reflects a stronger wafer start environment but remains prudent due to uncertainties from tariffs and erratic customer buying patterns. On requalification, Loy reported significant progress, stating that Entegris expects to serve about 85% of its China demand from Asian manufacturing sites by the end of the year, with a target of reaching 95% in the following year.

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    Bhavesh Lodaya's questions to Entegris Inc (ENTG) leadership • Q4 2024

    Question

    Bhavesh Lodaya questioned the drivers behind the strong 2024 growth in CMP pads and slurries and asked if this was a leading indicator for other platforms. He also inquired about the impact of adverse currency movements and the company's hedging strategy.

    Answer

    CEO Bertrand Loy attributed the strong CMP performance to the success of the CMC Materials acquisition, citing cross-selling synergies and a solution-selling approach, particularly for emerging moly applications. CFO Linda LaGorga clarified that the company's global manufacturing footprint provides a natural hedge against currency fluctuations, resulting in minimal impact on gross margin.

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    Bhavesh Lodaya's questions to Entegris Inc (ENTG) leadership • Q3 2024

    Question

    Bhavesh Lodaya questioned if 2025 top-line growth could be at least 8% given the Q4 exit rate and better industry expectations. He also asked about the progress of customer qualifications at the Taiwan facility.

    Answer

    CEO Bertrand Loy stated it was too early to quantify 2025 growth but acknowledged positive drivers like inventory normalization and a potential PC refresh cycle. Regarding the Taiwan facility, Loy confirmed qualifications are progressing well, though liquid filter qualifications are taking longer as planned due to strategic process and supply chain changes aimed at long-term resilience.

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    Bhavesh Lodaya's questions to Element Solutions Inc (ESI) leadership

    Bhavesh Lodaya's questions to Element Solutions Inc (ESI) leadership • Q2 2025

    Question

    Bhavesh Lodaya of BMO Capital Markets asked for a comparison of the Electronics segment's current performance to its prior peak in 2022, questioning if volumes have fully recovered, and inquired about any new competitive pressures in Power Electronics and advanced packaging.

    Answer

    President & CEO Benjamin Gliklich explained that while Electronics revenue is at a new peak, volumes are not, with the semiconductor business at peak levels but circuitry and assembly lagging due to smartphone and industrial softness. He noted that competition in wafer-level packaging is established, while in the newer Power Electronics market, new competitors are emerging, but Element Solutions maintains a strong, IP-protected position.

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    Bhavesh Lodaya's questions to Element Solutions Inc (ESI) leadership • Q1 2025

    Question

    Bhavesh Lodaya asked about potential actions the company could take to protect its annual guidance if end-market demand slows in the second half, and also questioned Executive Chairman Sir Martin Franklin about his future involvement and ownership in the company.

    Answer

    CEO Ben Gliklich highlighted the company's highly variable cost structure, noting they can quickly reduce discretionary spending and incentive compensation, as demonstrated in Q2 2020, though this is not currently contemplated in the guide. Executive Chairman Sir Martin Franklin explained his recent share sale was for personal liquidity reasons and does not change his long-term vision or involvement with the company.

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    Bhavesh Lodaya's questions to Element Solutions Inc (ESI) leadership • Q4 2024

    Question

    Bhavesh Lodaya of BMO Capital Markets inquired about the scenarios underpinning the high and low ends of the EBITDA guidance range, given the short-cycle nature of the business. He also asked if the company has seen any business impact from recent discussions around tariffs.

    Answer

    CEO Benjamin Gliklich explained that guidance is based on unit expectations. The high end of the range assumes an accelerated replacement cycle for devices and better industrial health, while the low end considers risks from potential tariffs or a weakening industrial market. He added that the company has not yet seen a real impact from tariffs, though it continues to benefit from longer-term supply chain realignments to Mexico and Southeast Asia.

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    Bhavesh Lodaya's questions to Element Solutions Inc (ESI) leadership • Q3 2024

    Question

    Bhavesh Lodaya from BMO Capital Markets asked if the Electronics segment could repeat its strong 2024 EBITDA growth in 2025, given positive market forecasts. He also inquired about the source of growth in Advanced Packaging, whether from existing or new customers.

    Answer

    CEO Benjamin Gliklich noted it was too early for 2025 guidance but expressed confidence in outperforming the market, supported by durable, long-term growth dynamics. He explained that growth in Advanced Packaging comes from both existing customers ramping up and new customer wins. The shift to varied, non-standard chip designs has increased ESI's mindshare with a growing base of specifiers, including OSATs, semi fabs, and OEMs.

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    Bhavesh Lodaya's questions to Olin Corp (OLN) leadership

    Bhavesh Lodaya's questions to Olin Corp (OLN) leadership • Q2 2025

    Question

    Bhavesh Lodaya from BMO Capital Markets asked if customers in the Chlor-Alkali Products and Vinyls (CAPV) business were building inventory ahead of potential tariffs and for an update on channel inventory levels.

    Answer

    President and CEO Ken Lane stated that customers have been destocking since late 2023 and have not started to rebuild inventories. He does not anticipate any significant restocking until there is a clear market recovery and price improvement, as customers remain focused on managing their own balance sheets and cash flow in the current environment.

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    Bhavesh Lodaya's questions to Olin Corp (OLN) leadership • Q4 2024

    Question

    Bhavesh Lodaya questioned Olin's chlor-alkali strategy, noting that while industry operating rates are expected to rise, Olin is guiding to lower volumes, and asked what needs to change for this trend to reverse.

    Answer

    CEO Kenneth Lane clarified that Olin's lower Q1 volume is due to transient issues like a planned turnaround and customer outages, not a change in market position. He stressed that Olin will remain disciplined and will not chase volume in weak markets, preferring to hold value until market conditions justify higher production rates.

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    Bhavesh Lodaya's questions to Olin Corp (OLN) leadership • Q3 2024

    Question

    Bhavesh Lodaya of BMO Capital Markets asked if weaker commercial demand in the Winchester segment could lead to easing propellant costs and if margins could return to the 19-20% range. He also questioned the contrast between sequential EBITDA improvement in Chlor Alkali and the declining ECU index.

    Answer

    President and CEO Kenneth Lane stated that propellant costs remain a headwind due to high global demand for restocking, which will likely continue until new capacity comes online in a year or two. Regarding the ECU index, Lane reiterated that the reported decline was a mix effect from the hurricane, and excluding that, results showed stable chlorine and strengthening caustic prices, leading to a slight net improvement.

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    Bhavesh Lodaya's questions to Ashland Inc (ASH) leadership

    Bhavesh Lodaya's questions to Ashland Inc (ASH) leadership • Q2 2025

    Question

    Bhavesh Lodaya from BMO Capital Markets inquired about the potential impact of reciprocal tariffs on regions like Europe and Canada, and asked for an update on the competitive pressures from China in the Specialty Additives segment.

    Answer

    CEO Guillermo Novo and CFO John Willis clarified that the direct tariff impact outside of China is limited due to in-region sourcing and significant finished goods inventory in Europe. General Manager Dago Caceres described the China market as 'stable at the bottom,' with ongoing competitive intensity in export markets. However, he noted that strong execution in North America and Europe, where customers value quality and reliability, helps offset these pressures.

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    Bhavesh Lodaya's questions to Dupont De Nemours Inc (DD) leadership

    Bhavesh Lodaya's questions to Dupont De Nemours Inc (DD) leadership • Q3 2024

    Question

    Bhavesh Lodaya, on behalf of John McNulty at BMO Capital Markets, asked about the competitive dynamics in China's electronics market, particularly concerning the rise of a domestic supply chain, and DuPont's positioning.

    Answer

    CEO Lori Koch highlighted that DuPont maintains a strong, outsized position in China's semi space compared to peers, representing about 30% of its electronics business. She stated this is playing out favorably as new fab construction is concentrated there. DuPont has a solid position with both local Chinese players and the global OEMs operating in China, which is benefiting its results.

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    Bhavesh Lodaya's questions to Dow Inc (DOW) leadership

    Bhavesh Lodaya's questions to Dow Inc (DOW) leadership • Q3 2024

    Question

    Bhavesh Lodaya, on behalf of John McNulty, questioned how a potential global increase in tariffs and duties might affect Dow, considering its reliance on exports for commodities like polyethylene despite its U.S. cost advantages.

    Answer

    James Fitterling, Chair and CEO, responded that Dow already operates in an environment with tariffs and maintains its export competitiveness due to strong U.S. Gulf Coast advantages. He noted that major markets like China will remain net importers and that Dow operates as a domestic player in other regions. He also mentioned that carbon border adjustment mechanisms are another form of tariff the company is monitoring.

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