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RTNominal down4.710 -0.010 (-0.212%)

04/11/2019 17:43

{I-bank focus}HSBC lowers Sinopec (00386) to HK$6.28

[ET Net News Agency, 4 November 2019] HSBC Global Research lowered its target price for
Sinopec (00386) to HK$6.28 from HK$6.35 and maintained its "buy" rating, given the
potential for a corporate action related to the planned IPO of the marketing business.
The research house said Sinopec's E&P outperformed expectations due to lower costs and
higher gas prices; refining underperformed due to higher feedstock costs; marketing
outperformed due to higher volumes and better procurement, and chemicals were about as
expected although on the conference call the company cited strong chemical demand in the
ethylene chain.
Citi cut its net income forecast by 7% in 2019 and increased 2020/21 by 2%/4%. (KL)

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