Nomura/Instinet Upgrades Sinopec Shanghai Petrochemical (SHI) to Neutral

Nomura/Instinet upgraded Sinopec Shanghai Petrochemical (NYSE: SHI) from Reduce to Neutral.

Analyst Jamie Wang sees upside potential to the current dividend noting that if 790ktpa ethylene capacity expansion is delayed then upside is likely from the dividend payout noting the firm, as a major shareholder of Sinopec, should benefit.

Further, upside is expected should the company maintain strong FCF but Wang does not expect strong earnings growth in 2017 or 2018.

For an analyst ratings summary and ratings history on Sinopec Shanghai Petrochemical click here. For more ratings news on Sinopec Shanghai Petrochemical click here.

Shares of Sinopec Shanghai Petrochemical closed at $57.65 yesterday.

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