TC

24/01/2020 14:34

{I-bank focus}JPM sees tough year for Shanghai Petrochemical

    J.P. Morgan said Sinopec Shanghai Petrochemical's (00338) profit warning highlights the challenging refining environment, especially in China.
  The company guided FY2019 earnings within the range of Rmb2.0bn-2.4bn, down 57-63%, although broadly in line with consensus at Rmb2.2bn. The research house said SPC's high exposure to Middle East crude continues to put downward pressure on its refining profitability as well as domestic refining oversupply.
  With global VLCC (very large crude carriers) day-rates remaining elevated and some of its chemical products well below cash costs, JPM sees further downside risks to earnings and reiterated its "underweight" rating and HK$1.91 target price.
  But it sees this result as having limited impacts on Sinopec (00386) due to the differences in refining assets.

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