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00934 SINOPEC KANTONS
RTNominal up4.340 +0.060 (+1.402%)
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18/07/2018 17:51

[I-bank focus]Citi lowers Sinopec Kantons (00934) to HK$3.8

[ET Net News Agency, 18 July 2018] Citi Research cut its target price for Sinopec
Kantons Holdings (00934) to HK$3.8 from HK$5.91, and downgraded its rating to "neutral"
from "buy".
The research house believes the share-price weakness since March has largely factored in
the deeper-than-expected cut in the Yu-ji pipeline transmission tariff due the new
distance-based pricing regime. With the limited capacity expansion in oil jetties,
earnings growth for Kantons looks muted in FY2018-20.
Citi revised down its EPS estimates by 13-20% in FY2018-20 as it factored in a further
cut in the pipeline tariff and lower transmission volume. (KL)

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