[ET Net News Agency, 23 May 2018] HSBC Global Research cited Sinopec Engineering
(SEG)(02386), which attended HSBC's 2018 China Conference in Shenzhen on 14-16 May, saying
that year-to-date SEG has booked contracts covering more than 50% of its annual RMB49bn
target, helped by the RMB19bn Zhongke project.
The other domestic backlog includes Sinopec alkalization units, hydrocracking projects
in Luoyang and Tianjin, and other chemical plant installation projects totalling RMB8bn.
Overseas contracts add RMB2bn in value, representing 20% of the company's full-year
target and current follow-up contracts include refinery projects in Kuwait and some
natural gas and crude oil processing projects in UAE, Algeria and Russia.
Gross profit margin (GPM) for 2018 is guided at 12-13%.
HSBC maintained its "hold" rating on concerns of backlog quality, with a HK$8.29 target
price. (KL)
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02386 SINOPEC SEG
Nominal 
5.000 +0.080 (+1.626%) Others
23/05/2018 11:09
[I-bank focus]Sinopec SEG's (02386) new contracts healthy
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