BSR [UNDERPERFORM -10.6%] - Second wave of COVID-19 to slow H2 recovery - Update
  • 2020-08-28T16:24:10
  • Company Research
We trim our target price by ~2% as we forecast a higher loss in 2020F vs previously expected as we assume the current second wave of COVID-19 will slow recovery in crack spreads in H2 2020. Meanwhile, we keep aggregate 2021-2029F earnings nearly unchanged.