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<Research>HSBC Research Trims SINOPEC CORP's TP to HKD4.4, Reduces Earnings Forecasts as 2025 Results Miss
Recommend 6 Positive 7 Negative 8 |
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SINOPEC CORP (00386.HK)'s 2025 results fell short of expectations due to widening losses in its chemical business, according to a report from HSBC Research. The company reduced dividends per share by 30%, despite an increase in the payout ratio to 75%. In HSBC Research's estimation, downstream profitability will remain weak, and more pressure will show up in 2Q26 because of rising crude oil and logistics costs and temporary interventions by China's National Development and Reform Commission on refined oil prices. If these interventions persist for a month, they could negatively impact SINOPEC CORP's 2026 net profit by up to 20%. Considering the weakening refining margins, HSBC Research has downgraded SINOPEC CORP's earnings forecasts for 2026-27 by 8-31%. HSBC Research has kept a Hold rating on SINOPEC CORP and cut its target price from HKD5.6 to HKD4.4. AAStocks Financial News |
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