MRL Corporation: Research Report, page-15

Grigor also put a SELL on SYR

Syrah Resources (SYR)

Chart: Share price over the year
Syrah led the pack into graphite and has been a great sharemarket performer, but it’s now entering a hiatus that comes with the development phase of a mine. News flow will be constrained and the hardest part is ahead – the construction and commissioning. In early August it announced a $211 million capital raising. This normally fills any short term appetite for shares, so new buyers may be absent from the market for a while. Putting that aside, we believe the large flake graphite market is in danger of a major oversupply in the next few years when new projects come on stream.