Citi Downgrades Sinopec Shanghai Petrochemical (SHI) to Hold
More News related to SHI
- Shanghai Petrochemical Announces Results for the First Three Quarters of 2009
- Honeywell's UOP Announces Start-up of Para-xylene Production Unit at Sinopec Facility in Shanghai
- Citi Downgrades Sinopec Shanghai Petrochemical (SHI) to Hold
- Goldman Sachs Upgrades Sinopec (SHI) (H Shares) to Buy
- Sinopec Shanghai Petrochemical (SHI) Reports 2007 Financials
Citi downgrades Sinopec Shanghai Petrochemical (NYSE: SHI) from Buy to Hold.
Citi analyst says, "Valuation no longer attractive; prefer exposure through parent Sinopec - SPC rose 40% and outperformed HSCEI by 19% in the past month due to improved earnings visibility on refining. However, we believe the current valuation (15x FY09E PER, 1.2x P/BV) is not particularly attractive and downgrade the stock from Buy to Hold. Key upside risk would be stronger-than-expected domestic refining margin, but we prefer exposure in parent Sinopec given its lower valuation."
Sinopec Shanghai Petrochemical Company Limited (SPC) is a China-based petrochemical company.
Related Categories
DowngradesStocks Mentioned
-0.63Related Entities
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
