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Nomura lifts Shanghai Pechem (00338) to HK$5

  Nomura lifted its target price for Sinopec Shanghai
Petrochemical (SPC)(00338) to HK$5 from HK$4.9, and reiterated its "neutral" rating.
  After attending SPC's analyst briefing, the research house cut its 2018/19 earnings
forecasts by 5%/5%, as Nomura is concerned that SPC may lose earnings growth in the next 
three years on stricter environmental assessment in Shanghai, and refining margin could be
under pressure due to intensified competition in China.
  Management guided 0% growth in crude processing volume for 2018. Without significant 
volume growth and spread expansion, Nomura expects SPC to deliver only 1% y-y earnings 
growth in 2018, after 3% in 2017.

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