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RTNominal up4.060 +0.330 (+8.847%)

17/01/2020 15:15

{I-bank focus}Credit Suisse raises Sinopec (00386) to HK$6

[ET Net News Agency, 17 January 2020] Credit Suisse raised its target price for Sinopec
(00386) to HK$6 from HK$5.6 and maintained its "outperform" rating.
The research house said a turn in the chemical cycle in 2019 has led to Sinopec's
massive de-rating, with the share price down 16% through 2019. But most of the concerns
should have already been priced in.
Credit Suisse expects 2020 downstream demand to improve versus 2H 2019 trough level, as
a combination of macro factors (stabilized economy, US-China trade tension easing off)
should bring a sequential uptick in domestic activities.
It added that Sinopec provides an attractive 7% FY2019 dividend yield at current share
price - one of the highest amongst global peers whose average is at 5%. (KL)

Remark: Real time quote last updated: 02/04/2020 17:59
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