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<Research>Citi Cuts SINOPEC CORP TP to $5.2, Continues to Prefer PETROCHINA as Top Pick
Recommend 46 Positive 92 Negative 36 |
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Citi Research issued a research report updating its earnings forecast and target price for SINOPEC CORP (00386.HK), reflecting adjusted assumptions. The broker also lowered its 2025 EPS forecast by 15%, and cut its target price from $5.3 to $5.2. Citi Research expected SINOPEC CORP's 2Q25 net profit to decrease by over 40% QoQ to approx. RMB8 billion, primarily due to losses in refining business and market inventory, as well as weak performance in exploration and production. Nevertheless, with crude oil prices stabilizing and a slight improvement in core refining margins, a rebound in 3Q25 results is anticipated. Although Citi Research still preferred PETROCHINA (00857.HK) as its top pick among Chinese oil and gas stocks, SINOPEC CORP's stable dividend yield of about 6% and potential share buyback could provide some support. AASTOCKS Financial News Website: www.aastocks.com |
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