[ET Net News Agency, 11 June 2018] Jefferies Research raised its target price for
Sinopec (00386) to HK$8.75 from HK$8, and retained its "buy" rating.
The research house said the oil market is tight and supply side risks will drive prices
higher in 2018. It raised its per-barrel Brent price forecast to US$77 from US$64 in 2018;
to US$75 from US$60 in 2019; and to US$70 from US$65 in 2020. There is no change to its
long-term forecast of US$65.
Jefferies said Sinopec shares had a good run after it declared an extremely tidy
dividend payout. It believes the shares should rise with oil prices given its upstream
assets.
Jefferies believes the company is largely downstream, less levered to oil prices, and
the dividend is needed to pay down parent company debt and has resulted in relinquished
refinery expansions to PetroChina (00857) and independents. (KL)
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00386 SINOPEC CORP
Nominal 
4.830 +0.070 (+1.471%) Others
11/06/2018 17:45
[I-bank focus]Jefferies lifts Sinopec (00386) to HK$8.75
| Remark: | Real time quote last updated: 25/09/2024 18:00 |
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