I am also curious why markets love MFL and treat MOL as an ugly duckling. MFL is also commodity Chem. It cannot be promoter history. Perhaps I am assuming MFL products have a less seasonal and more predictive perhaps domestic demand pattern. Perhaps something that imports cannot compete with. MOL has a higher export exposure, high agchem seasonality and mostly postpatent chemicals that may lose if China opens up.
Note that currently MOL AgChem is benefitting from seasonal tail winds, esp in the Americas. I am a shareholder in UPL and UPL is also showing the effects of these tailwinds (UPL has its own set of issues).
MOL agchem products are postpatent, I would love to hear from others what their moat is. MOL is bold
In pigments, titania was a bold move as an import substitution, enjoys demand predictability.
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