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CSM - Abnormal items cushion FY16 results amid sluggish core business performance - Earnings Flash

CSM’s FY16 results are slightly better than our expectation thanks to abnormal income while its core business continues to be pressured by ASP declines amid fierce competition. The recent recovery in natural rubber prices poses another direct threat to CSM’s future profitability. We maintain our muted view on CSM and reiterate our MARKET PERFORM rating on this stock.