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00386 SINOPEC CORP
RTNominal up4.770 +0.060 (+1.274%)
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07/01/2020 15:40

{I-bank focus}Morgan trims Sinopec (00386) to HK$5.08

[ET Net News Agency, 7 January 2020] Morgan Stanley trimmed its target price for
Sinopec (00386) to HK$5.08 from HK$5.94 and maintained its "equal-weight" rating.
The research house expects Sinopec to deliver a 7-8% dividend yield in FY2019. Although
this might reduce the downside risk, it is unlikely to trigger a strong re-rating given
the company's large downstream exposure.
Morgan fine-tuned its earnings estimates by -10% to 7% for 2019-21 to incorporate the
new oil price and a better cost control profile. (KL)

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