[ET Net News Agency, 26 August 2019] HSBC Global Research lowered its target price for
SNP Shanghai Petrochem (00338) to HK$2.53 from HK$4.96 and downgraded its rating from
"buy" to "hold".
The research house said opposing forces over the course of 1H delivered one of the
fastest contractions in profitability: (1) crude feedstock prices spiked; (2) oil
products, chemical intermediates and chemical end product prices compressed under the
weight of excess supply; (3) demand growth slowed; and (4) the China/US trade friction
increased.
Further, oil light/heavy spreads contracted, which had a further negative impact on
margins through the value chain for heavy oil processors.
HSBC lowered its operating profit forecasts in all four segments due to lower margins.
Hence, net income fell 48%/49%/42% or RMB-2.1bn/-2.2bn/-1.9bn. (KL)
|
|
|
|
|
|
|
|
|
|
Super Quote | Detail Quote | Interactive Chart | Transaction | Related News | Related Securities | Company Information | Dividend Records | Short Sell
00338 SHANGHAI PECHEM
Nominal 
1.050 +0.020 (+1.942%) Research Report
26/08/2019 17:29
{I-bank focus}HSBC lowers Shanghai Pechem (00338) to HK$2.53
| Remark: | Real time quote last updated: 19/04/2024 14:15 |
| Real-time basic market prices of Hong Kong securities are provided by HKEx; a Designated Website authorized by the HKEx Group to provide the Service |