This synth, like many other low level synthesis recipies that provide greater yields with HQs (mercury, echo drops, silent oil, etc.), are generally best left to higher level crafters. High demands items like this attract legitimate players and RMT alike, and the only way to compete with them (and reap the most profit) is being able to HQ frequently.
You'll need around ~56 alchemy to compete in this market.
Edit response: Farming your own ingredients to save money for a non-profitable synth is a myth. Time is money. You could have sold the raw materials instead and made more money.
For the record, currently on Fenrir at least, the recipes below list the value of a Beehive Chip as 200 gil, whereas the price of the stack is closer to 5000 gil. 5000 divided by 12 is closer to 400 gil, meaning the real cost of a Beehive Chip is over 400 gil. This recipe is thus far less profitable than it appears, and, for lower level crafters, probably a loser.
Cymmina is 100% correct, except for, arguably, the Edit response. Synthing ingredients while farming will usually result in a higher take home value.
For instance, if you had 15 inventory slots open, and were farming bees, the more chips you synth into wax, the more money you can take home. This, however, would require planning by buying distilled water and possibly fire crystals ahead of time (wouldn't be needed if you were killing Easy Preys that dropped fire crystals while killing bees.)
This, of course, only applies to synths that condense your inventory, not vice versa - those you would be better off selling the mats, unless you could get regular HQs. Even then its best to wait to go back to the auction house to sell as you synth (if your inventory is cramped.)
