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02386 SINOPEC SEG
RTNominal up4.990 +0.040 (+0.808%)
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22/04/2020 15:16

{I-bank focus}Morgan cuts Sinopec SEG (02386) to HK$4.6

[ET Net News Agency, 22 April 2020] Morgan Stanley lowered its target price for Sinopec
Engineering Group (SEG)(02386) to HK$4.6 from HK$6.5 and maintained its "buy" rating.
The research house said SEG's 2020-21 earnings growth is still guaranteed by the current
backlog and Sinopec's capex plan. In 1Q, despite the impact from COVID-19, SEG still won
Rmb16bn in new orders, 28.5% of its annual target of Rmb56.5bn. The backlog has reached
Rmb101bn, 1.9x its 2019 revenue.
As SEG's net cash per share was HK$9.1 as of the end of 2019, and with stable FCF (free
cash flow), Morgan expects the company to maintain a dividend yield of 10% in 2020, which
should support a share price re-rating. (KL)

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