Riyadh - Mubasher: Al Rajhi Capital Research has raised the target price (TP) for the stock of Saudi International Petrochemical Company (Sipchem) to SAR 26 per share, with an “Overweight" rating.
Sipchem achieved better-than-expected financial results in the first quarter of 2018.
The research firm noted in its report on Thursday that the improvement in margins on an annual basis has been the result of the company’s efforts to improve operating efficiency, adding that while most petrochemical products are seeing a decline in prices and increase in feedstock costs, Sipchem is uniquely positioned with healthy Methanol prices and unchanged pricing for Methane.
