China's Sinopec Engineering set for best day after strong H1 profit

SINOPEC Engineering Co

22/08/2018 04:14

** Shares in Sinopec Engineering Group Co Ltd  2386.HK  jump
more than 12 pct to HK$8.02, after it reports strong first-half
earnings
    ** Stock posts its biggest intra-day percentage gain since
listing in May 2013
    ** The firm, engaged in engineering, procurement and
construction contracting business, says H1 profit attributable
rises 32.7 pct to 1.11 billion yuan ($161.5 million)
 urn:newsml:reuters.com:*:nFWN1VC03Y
    ** H1 revenue up 33.2 pct to 18.34 billion yuan
    ** The group says it will consolidate existing overseas
markets, deploy favorable policies associated with the "Belt and
Road" construction and expand in countries along the "Belt and
Road"
    ** Sinopec Engineering Group Co Ltd has underperformed the
Hang Seng Commerce & Industry Index sector  .HSNC  by 6.7
percentage points in the past month
    ** As of 0227 GMT, about 3.81 million shares of the
Beijing-based company have been traded, about 106.6 percent of
their 30-day moving average of 3.58 million shares a day
    ** Among the 12 analysts that cover Sinopec Engineering
Group Co Ltd, the current average rating on the shares is "buy";
the breakdown of recommendations is 10 "strong buy" or "buy",
two "hold" and no "sell" or "strong sell". The analyst mean
price target is HK$9.82
    ($1 = 6.8740 Chinese yuan)

 ((Reuters Messaging: doris.li.thomsonreuters.com@reuters.net))