Kingwu Financial News | Everbright Securities issued a research report, and sinopec seg (02386) released a voluntary contract announcement. The company signed an EPC turnkey contract with Kazakhstan Silleno LLP for the ethane cracking project within the Silleno petrochemical complex project in Kazakhstan, with a total contract value of approximately 2.5 billion US dollars.
The bank pointed out that the project is a national landmark project for the vigorous development of the petrochemical industry in Kazakhstan. The owner, Silleno Corporation, is a joint venture established by Kazakhstan's National Oil and Gas Company and China Petroleum & Chemical Corporation in the western Atyrau region of Kazakhstan's national petrochemical industrial park. The company will form a consortium with Spanish TR Company, with each party holding 50% stake in the consortium, jointly providing EPC turnkey services. This project reflects the company's continuous strengthening of overseas market development efforts and promotion of high-quality overseas business development, which is a significant manifestation of the company's global strategy.
The bank stated that supported by the resource advantages of China Petroleum & Chemical Corporation (00386), the company continues to explore domestic and foreign markets, and its performance is expected to experience rapid growth. Under the background of state-owned enterprise reform, the company's undervaluation and high dividend value are highlighted. The bank maintains the company's profit forecast, expecting the company's net income attributable to equity holders for 2024-2026 to be 2.638, 2.915, and 3.182 billion yuan respectively, with corresponding EPS of 0.60, 0.66, and 0.72 yuan/share. The bank maintains a 'buy' rating on the company.