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00338 SHANGHAI PECHEM
RTNominal down1.040 -0.010 (-0.952%)
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23/05/2018 10:14

[I-bank focus]HSBC lowers Shanghai Pechem (00338) to "hold"

[ET Net News Agency, 23 May 2018] HSBC Global Research maintained its target price for
Sinopec Shanghai Petrochemical (SPC)(00338) unchanged at HK$5.67, but downgraded its
rating to "hold" from "buy".
The research house expects future supply of ethylene and PX to increase substantially
with US product in 2018-19 followed by several local plants stated to start-up 2019-2020.
New plants will take time to ramp-up, stabilize and optimize, deferring the market impact
of local plants, but pressure is expected, HSBC noted.
Meanwhile, SPC plans to use available cash on hand for refinery upgrades and high-end
chemical products R&D such as carbon fibre and new plastic products. (KL)

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