[ET Net News Agency, 16 April 2018] Credit Suisse lifted its target price for Sinopec
(00386) to HK$9.5 from HK$8.8, and reiterated its "outperform" rating.
The research house said Sinopec is among the top 15 best performers within MSCI China,
with its share price up 30% year-to-date. Marketing earnings recovery due to receding
retail price war and record-high FY2017 payout (118% dividend payout) are key drivers to
its outperformance against big oil peers. These factors should drive re-rating in 2018,
backed by tailwind of higher oil prices as per Credit Suisse's forecast.
Credit Suisse expects Sinopec's Marketing EBIT to continue to witness sequential
recovery in 1Q/2Q and remove the market's concern on its profitability since retail price
war started in 2Q 2017.
It thinks the market has zero expectations on the Marketing IPO that was widely talked
about last year, so any progress on this front would be a positive catalyst to its
already-strong share price performance. (KL)
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00386 SINOPEC CORP
Nominal 
4.590 +0.070 (+1.549%) Others
16/04/2018 17:50
[I-bank focus]Credit Suisse lifts Sinopec (00386) to HK$9.5
| Remark: | Real time quote last updated: 18/04/2024 15:32 |
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