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02386 SINOPEC SEG
RTNominal down4.610 -0.020 (-0.432%)
Research Report

21/08/2019 15:01

{I-bank focus}CS lowers Sinopec SEG (02386) to HK$7.7

[ET Net News Agency, 21 August 2019] Credit Suisse cut its target price for Sinopec
Engineering (SEG)(02386) to HK$7.7 from HK$8.6 and maintained its "outperform" rating.
The research house said SEG's 1H results were in line with expectations. GP/NP margin
showed signs of stabilisation at 11%/5%.
While China's downstream oversupply persists and outlook for refinery/petchem new builds
are not great, Credit Suisse thinks the current share price has more than priced in such
concerns. SEG is currently trading at trough valuation and is even below 2015 lows. At 8x
2019 P/E/0.8x P/B/7% dividend yield plus net cash position, Credit Suisse thinks such
valuation is unjustified and risk/reward is attractive.
Credit Suisse lowered its 2019-21 EPS forecasts by 2-5% post update. (KL)

Remark: Real time quote last updated: 24/01/2020 17:59
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