HSBC has maintained, in its annual Egypt report, the target price of Sidi Kerir Petrochemicals (Sidpec) at EGP 25 per share, assigning an Overweight rating on the stock.
The company is expected to post a profit rise to EGP 1.1 billion in 2014, EGP 1.12 billion in 2015 and EGP 1.1 billion in 2016, according to the report issue.
Sidpec had posted EGP 726.4 million net profit for the first nine months of FY14, with a decline by 26% compared to the same period a year earlier.
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