[ET Net News Agency, 17 March 2021] Morgan Stanley lifted its target price for Sinopec
(00386) to HK$4.92 from HK$4.68 but downgraded its rating to "equal-weight" from
"overweight".
The research house believes crude oil prices are likely to reach US$70/bbl in 2021 and
remain at US$55-60/bbl in 2022. The current oil price level would position PetroChina
(00857) and CNOOC (00883) more favorably than Sinopec.
Morgan said Sinopec is the least preferred among the Big Three given its relatively
small upstream exposure. However, the company is the pioneer of hydrogen development in
China and it is the best hydrogen play.
According to Sinopec's 14th Five-Year development plan, the company will accelerate new
energy development with a focus on hydrogen energy in 2021-25. It plans to build 1,000
hydrogen refilling stations (or oil-hydrogen stations) and 3,000 solar distribution
generators, aiming to become the largest hydrogen energy company in China. (KL)
|
|
|
|
|
|
|
|
|
|
Super Quote | Detail Quote | Interactive Chart | Transaction | Related News | Related Securities | Company Information | Dividend Records | Short Sell
00386 SINOPEC CORP
Nominal 
4.650 +0.070 (+1.528%) Others
17/03/2021 17:02
{I-bank focus}Morgan lifts Sinopec (00386) to HK$4.92
| Remark: | Real time quote last updated: 19/04/2024 18:00 |
| Real-time basic market prices of Hong Kong securities are provided by HKEx; a Designated Website authorized by the HKEx Group to provide the Service |