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Saudi Basic Industries Corp’s (SABIC) stock may see upside surprises despite softening in petrochemical product spreads this year, Al Rajhi Capital said in a recent note.
Thanks to the company’s value increment plan through use of its cash for acquisitions, such as the latest purchase of Shell's 50 percent stake in SADAF, the stock may outperform spreads, the note said.
Performance will be also backed by improvement in the company’s metals segment, divestment of non-strategic assets to increase return on equity, and additional cost cutting measures. SABIC also aims to diversify feedstock across gas and coal, and “to have more value added products, which are more defensive.”
Beyond 2017/18, the brokerage expect spreads to soften further as new supply comes at the lower end of the cost curve.
“In our view SABIC will be one of the more resilient plays in 2017 as the broader economy sees cost pressures,” the brokerage firm added.
No change is expected in SABIC’s feedstock price mechanism until 2019 at least.
Al Rajhi Capital maintained its “neutral” rating on the stock, but revised its target price to SAR 97. The stock closed at SAR 96.60 on Sunday.
Despite the rating, the brokerage added that it is optimistic for the long-term potential and recommended higher allocation on dips.
For the Saudi petrochemical sector, all companies are forecast to see lower profit margins in 2017, as spreads soften by mid-year, the note added.
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