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RTNominal up3.270 +0.040 (+1.238%)

23/10/2019 14:36

{I-bank focus}HSBC lowers Sinopec SEG (02386) to HK$6.71

[ET Net News Agency, 23 October 2019] HSBC Global Research lowered its target price for
Sinopec Engineering (SEG)(02386) to HK$6.71 from HK$7.35 and maintained its "buy" rating.
The research house said Sinopec SEG's disclosed new contracts turned negative for the
first time since 9-month 2016 but are on track to meet 2019 guidance. New contracts signed
during 9-month 2019 decreased 3% to RMB41bn due to lower bookings by the domestic
Engineering, Procurement and Construction (EPC) and Engineering, Consulting and Licensing
(ECL) contracting segments.
HSBC cut earnings forecasts by 14%, 12% and 12% for 2019, 2020 and 2021, respectively,
after trimming revenue and margins to reflect 1H trends. (KL)

Remark: Real time quote last updated: 28/05/2020 16:29
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