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G Sachs Axes SINOPEC CORP (00386.HK), SHANGHAI PECHEM (00338.HK) TPs; Kept Neutral
2019-07-16 10:51:18
Given weak refining and chemical spreads and 2Q19 oil price miss, Goldman Sachs lowered the earnings forecasts for SINOPEC CORP (00386.HK) and SHANGHAI PECHEM (00338.HK) and rated both of them at Neutral. The target prices of SINOPEC CORP and SHANGHAI PECHEM were cut by about 5% and 12% to $6.65 and $3.4.

The broker trimmed the 2019 EPS estimates for SINOPEC CORP by 8% to RMB0.37, while lowering SHANGHAI PECHEM's target by 10%.

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