Accessible version Sinopec Engineering Soft 1H26 and slight DPS miss, yet buyback and record backlog support Buy Maintain Rating: BUY | PO: 6.30 HKD | Price: 5.18 HKD 1H26 earnings weighed by Saudi projects losses SEG reported 1H26 NPAT of RMB1.1bn (-18% YoY), representing 53% of our FY26 forecast. The earnings decline was primarily attributable to losses in the Construction segment, reflecting lower profitability on the Saudi Marjan and Berri projects, as previously disclosed in the FY25AR. Both projects h ...