SG : Jiutian Chemical Group Ltd - Solid start to the year

1Q22 net profit of Rmb201m (-5% qoq, +123% yoy) was above expectations. Interim DPS of 0.75 Scts proposed (+114% yoy) represents 8% yield. Barring significant worsening of Covid-19 situation in China, Jiutian expects continued smooth operations and stable product prices for the rest of FY22F. Reiterate Add on continued favourable industry cycle and strong net cash position (80% market cap). Reiterate Add with higher TP of S$0.17.