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RTNominal up4.060 +0.330 (+8.847%)

21/01/2020 11:54

{I-bank focus}DBS lowers Sinopec (00386) to HK$6; "buy"

[ET Net News Agency, 21 January 2020] DBS Group Research lowered its target price for
Sinopec (00386) to HK$6 from HK$7.8 and maintained its "buy" rating.
The research house reduced its FY2019/20 earnings estimates by 2%/10% for Sinopec,
factoring in changes to its crude oil price assumption, refining margins and petrochemical
spreads. However, DBS still likes Sinopec for its good mix of upstream and downstream
assets, and healthy cash flow generation, which supports an attractive dividend yield of
It added that other catalysts include the potential IPO of its marketing arm, which has
received cabinet approval. DBS said the IPO could boost Sinopec's valuation by 10-15%.

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