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RTNominal up3.340 +0.030 (+0.906%)

22/08/2019 09:32

{I-bank focus}HSBC lowers Sinopec SEG (02386) to HK$7.35

[ET Net News Agency, 22 August 2019] HSBC Global Research lowered its target price for
Sinopec Engineering (SEG)(02386) to HK$7.35 from HK$9.2 and maintained its "buy" rating.
The research house said Sinopec SEG's gross margin fell short of expectations while R&D
and admin expenses increased beyond expectations. Management signalled continued R&D
efforts with a focus on oil-to-olefins, gas-to-chemicals, and hydrogen projects. Cash flow
deteriorated to negative RMB10.2bn in 1H; operating cash outflow was in the red as the
execution of several major projects is nearing the peak. Management guides for improving
operating cash flow over 2H.
HSBC trimmed its 2019-21 revenue and margin forecasts to reflect 1H trends. (KL)

Remark: Real time quote last updated: 07/04/2020 17:59
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