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RTNominal up3.250 +0.020 (+0.619%)

04/11/2019 17:08

{I-bank focus}Morgan cuts Sinopec SEG (02386) to HK$6.5

[ET Net News Agency, 4 November 2019] Morgan Stanley lowered its target price for
Sinopec Engineering (SEG)(02386) to HK$6.5 from HK$10.5 and maintained its "overweight"
The research house said SEG's 3Q implied revenue increased by 14% with a higher
proportion in the higher-margin EPC contracting segment compared to the mix in 1H. As
such, Morgan expects the overall operating margin to improve to 5.2% in 2H versus 4.9% in
Morgan expects the company's DPS to rise to Rmb0.27/share in 2019 versus Rmb0.22 last
year, with a rise in earnings, implying a 6% dividend yield which will likely support the
shares to re-rate.
The company is trading at 7.2x 2019 P/E versus the historical average of 8.6x since
2014, and 0.67x 2019 P/B versus the historical average of 1x P/B which Morgan thinks is
cheap. (KL)

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