Core Viewpoint - UBS has downgraded the earnings forecast for Shanghai Petrochemical Company (00338) to a loss of 385 million RMB for the year, while also reducing the earnings per share estimates for 2026 to 2027 by 7% to 10%, and lowering the target price from HKD 1.89 to HKD 1.87, maintaining a "Buy" rating [1] Company Summary - Shanghai Petrochemical's revenue for the first nine months decreased by 11% year-on-year, resulting in a net loss of 432 million RMB [1] - In the third quarter, the company recorded a net profit of 31 million RMB, marking a quarterly turnaround from loss to profit, attributed to a reduction in asset impairment losses [1] - Despite the quarterly profit, the company's performance did not meet UBS's expectations due to weaker-than-expected sales of refined oil products and a still weak fundamental outlook for olefins [1] Industry Summary - The report suggests that the medium to long-term fundamentals of the refining and chemical industry may improve as the "anti-involution" trend progresses [1]
瑞银：上海石油化工股份第三季亏转盈 惟未达预期 降目标价至1.87港元