[ET Net News Agency, 24 October 2019] Goldman Sachs lowered its target price for
Sinopec Shanghai Petrochemical (00338) by 10% to HK$2.75 and maintained its "neutral"
rating.
The research house said Sinopec Shanghai's 3Q net profit of Rmb535mn was 19% below
Goldman's expectation. It attributed the earnings weakness for Sinopec Shanghai (together
with share price underperformance in 3Q) mainly to weak chemical margins. The core
chemical products (including PX, MEG, PE) are all experiencing year-on-year or sequential
decline.
Goldman reduced its 2019/2020/2021 EPS estimates by 14%/20%/18% to factor in the latest
3Q19 results and lower chemical price/spread for both 2020/2021. (KL)
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00338 SHANGHAI PECHEM
Nominal 
1.110 +0.030 (+2.778%) Others
24/10/2019 13:51
{I-bank focus}Goldman cuts Shanghai Petrochemical to HK$2.75
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