[ET Net News Agency, 27 October 2017] Credit Suisse raised its target price for Sinopec
Shanghai Petrochemical (SPC)(00338) to HK$3.8 from HK$3.5, and maintained its
"underperform" rating.
The research house said SPC's 3Q net profit of Rmb1.5bn marks a significant quarterly
improvement from 2Q, thanks to higher petrochemical and refining margin supported by
supply tightness following the hurricanes - Harvey/Irma. 9-month net profit of Rmb4.1bn
were tracking 90% of Credit Suisse's FY2017 estimates.
Credit Suisse sees risk of further delays in 2018 as the companies assess startup
schedules post hurricane. Hence the margin headwind in view of the existing ~4.6mtpa
cracker additions planned for 2018 could recede and there could be upside risk to the
current margin forecasts.
It revised its 2017-19 EPS forecasts by 18%/14%/-3% post model update factoring in the
strong 9-month earnings. (KL)
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00338 SHANGHAI PECHEM
Nominal 
1.030 -0.020 (-1.905%) Others
27/10/2017 18:01
[I-bank focus]CS lifts Shanghai Pechem (00338) to HK$3.8
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