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Equity Bottom-Up

<ul>
<li>Itaconix Plc’s (AIM: ITX.L, OTC: ITXXF) vision - safer chemicals in consumer goods.</li>
<li>ITX makes IP protected innovative bio-polymers that replace acrylic acid and styrene based polymers (US$ 20bn market) in consumer products.</li>
<li>IA polymers have commercial applications in consumer and specialty chemicals markets including detergents markets as water softeners and dispersants; odour capture markets and hair products markets for hold, texture and flexibility.</li>
</ul>


Itaconix Plc’s (AIM: ITX.L, OTC: ITXXF) vision - safer chemicals in consumer goods.
ITX makes IP protected innovative bio-polymers that replace acrylic acid and styrene based polymers (US$ 20bn market) in consumer products.
IA polymers have commercial applications in consumer and specialty chemicals markets including detergents markets as water softeners and dispersants; odour capture markets and hair products markets for hold, texture and flexibility.


Itaconix Plc Core Investment Case 01052024

United Kingdom

Directa Plus plc Limited manufactures and sells graphene products for industrial and commercial applications. The company was incorporated in 2003 and is based in the United Kingdom.

Carclo plc manufactures and distributes fine tolerance parts for the medical, industrial, aerospace, and premium automotive lighting markets. Carclo serves customers worldwide.

PhosAgro PJSC is a global vertically integrated phosphate-based fertilizer producer. The Company focuses on the production of phosphate-based fertilizers, feed phosphate, and high-grade phosphate rock, as well as ammonia and nitrogen-based fertilizers.

Nanoco Group PLC develops and manufactures quantum dots, which are fluorescent semi-conducting materials.  Quantum dots have applications in lighting, solar energy products, human diagnostic imaging, anti-counterfeiting of consumer goods, and detecting airborne pollutants. ... More

Treatt plc is a manufacturer of fragrances and flavorings.  The Company blends and distills essential oils and aromatic chemicals, for the flavor and fragrance industries.  Treatt operates in the United Kingdom and United States, and sells its products worldwide.

Gem Diamonds Limited is a diamond mining company. The Company explores for and produces diamonds in parts of Africa, Indonesia, and Australia.

Landore Resources Limited is a mineral exploration and development company, primarily in Northeast Canada.

James Cropper PLC manufactures and sells specialist papers and advanced materials. The company operates through James Cropper Paper Products, James Cropper 3D Products, and Technical Fibre Products segments. It manufactures specialist paper and boards for packaging and digital imaging industries; and converts paper. The company also offers picture mat boards/mount boards, and frame ready ink jet printable boards for retailers; and laminated and coated papers and films for various industries, including display board for point of sale/point of purchase advertising, archival storage and conservation products, and luxury packaging materials. In addition, it provides molded fiber products; and technical fiber products, such as nonwoven materials for applications in aerospace, defense, automotive, and energy and construction fields. James Cropper plc has operations in the United Kingdom and other European countries, Asia, the Americas, Australasia, and Africa. James Cropper PLC was founded in 1845 and is headquartered in Kendal, the United Kingdom.

Essentra PLC is an international supplier of specialty plastic and fiber products.  The Company produces plastic molded and adhesive coated foam and metal products; custom bonded fiber and foam components; self adhesive tear tape; labels; products and technologies for brand protection, document authentication and personal identification; and cigarette filters.

Synthomer PLC develops, manufactures, and sells tackifying resins and additives for adhesive products. The Company focuses on attractive end markets such as packaging, hygiene, and high performance tyre additives. Synthomer serves customers in the United Kingdom.

AksharChem (India) Ltd. manufactures actuators and special valves for power plants.

Allied Industrial Co., Ltd. manufactures and markets dyeing materials.  The Company sells its products to textile dyeing and finishing plants in Taiwan and overseas.  Allied Industrial markets its products under the ALLILON brand name.

Maruo Calcium Co., Ltd. manufactures and sells industrial calcium.  The Company's products include heavy calcium carbonates and colloidal calcium carbonates which are used as hardener to plastic/rubber products and additives to paints.  Maruo also sells industrial calcium manufactured by other companies.

Changmao Biochemical Engineering Company Limited produces and sells organic acids, which are derived from maleic anhydride or crude maleic anhydride, and mainly used as pharmaceutical intermediates and/or food additives.

Changmao Biochemical Engineering (954 HK)

Tek Seng Holdings Berhad is an investment holding company. The Company, through its subsidiaries, manufactures PVC related products and trades plastic related products. Tek Seng also leases properties.

Sung Moon Electronics Co., Ltd. manufactures and markets metallized films for capacitors.  The Company's major products include polyester and polypropylene films, aluminum and zinc metallized films, and heavy edge films.  Sung Moon exports its products to Taiwan, China, India, and the United States.

MBK Co., Ltd. manufactures organic light-emitting diode (OLED) materials, such as Green host and hole transfer layers.  The Company's product  also includes sublime equipments used to purify OLED materials.

Karyon Industries Berhad is an investment holding company. The Company, through its subsidiaries, manufactures and trades PVC, chemicals, plastic, and industrial products as well as manufactures foam boosters, concentrated detergent paste, washing detergent, and shampoos.

Poval Kogyo Co., Ltd. is mainly engaged in manufacturing conveyor belt products for industrial use.  The Company also makes and sells polishing and non-woven products.

Toyo Drilube Co Ltd manufactures and sells lubricating film or dry lube used for automobile parts, optical instrument, semiconductor and medical equipment. The company also manufactures and sells Impedance Matching Core (IMC). The product improves image and sound quality for broadcasting equipment.

Itaconix plc develops specialty polymers. The Company designs, manufactures, and formulates functional polymers to improve the performance of consumer and industrial products. Itaconix serves the home and personal care and industrial markets worldwide.

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Itaconix (ITX LN)

Itaconix Plc Core Investment Case 01052024

Itaconix Plc’s (AIM: ITX.L, OTC: ITXXF) vision - safer chemicals in consumer goods. ITX makes IP protected innovative bio-polymers that replace...

ACF Equity Research

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