Non-ethylene products are seeing stronger and more broad-based marginexpansion, and Asia’s and Europe’s integrated players are best-placed tobenefit. We disagree with consensus view of oversupplied butadiene, syntheticrubber markets. Petrochem prices may take a breather as restocking ahead ofCNY end, but a bigger inventory cycle will come in 3Q. Our top picks are Lotte,LG Chem, PTTGC and BASF. Kumho and Lanxess should also be on investorradar screens. We continue to advise investors to avoid ethylene-rich names.