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    Ho Kan Chung

    Research Associate in the Research Division at Morgan Stanley

    Ho Kan Chung is a Research Associate in the Research Division at Morgan Stanley, specializing in equity research with responsibility for supporting coverage of companies such as Clariant AG. His work is publicly noted through participation in major earnings calls, reflecting active involvement in the analysis of leading firms within the chemicals sector. While specific performance metrics and prior career experience are not publicly available, his current role is indicative of advanced analytical responsibilities and expertise within Morgan Stanley's global research team. Professional credentials and securities licenses have not been independently verified for public disclosure.

    Ho Kan Chung's questions to SOLVAY S A /ADR/ (SLVYY) leadership

    Ho Kan Chung's questions to SOLVAY S A /ADR/ (SLVYY) leadership • Q2 2024

    Question

    Ho Kan Chung asked about the scenarios that would lead to the high or low end of the H2 CapEx range and for a bridge of the free cash flow from H1 to H2. He also questioned if the Q2 net interest cost is the new run rate.

    Answer

    CFO Alexandre Blum explained that reaching the high end of the CapEx range depends on successful project execution and continued market stability. He clarified that the annual net interest cost run rate is around EUR 100 million, though the current year may be lower due to refinancing activities and coupon phasing, making the quarterly figure volatile.

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    Ho Kan Chung's questions to SOLVAY S A /ADR/ (SLVYY) leadership • Q2 2024

    Question

    Ho Kan Chung asked about the scenarios that would lead to the high or low end of the H2 CapEx range, the free cash flow bridge for H2, and whether the Q2 net interest cost represents a new run rate.

    Answer

    CFO Alexandre Blum explained that reaching the high end of the €300-€350 million CapEx range depends on the successful mobilization of teams and suppliers and continued confidence in the stable market environment. He clarified that the fundamental run rate for annual net interest cost is around €100 million, although the 2024 figure may be lower due to coupon payment phasing.

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