Motor Oil (MORr.AT) 1Q25: Strong utilization rates and higher qtd refining margins; Negative FCF’25 keeps us Neutral rated
–Strong sales momentum continued in 3Q
Weekly highlight: expect strong sales momentum to last longer
–Release of pent-up demand remained strong
China Economy – Exports strongly rebounded with uncertainty ahead
Results inline; AI demand remains strong and unmet
Fundamentals remain strong despite recent market volatility, reiterate BUY
Expect strong growth to continue after the impressive 1H23; U／G to BUY
A strong comeback in all channels since Mar
–2Q23 preview： expecting strong recovery ahead
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