Macquarie lowered its 2024 to 2026 EPS forecasts for SINOPEC CORP (00386.HK) -0.060 (-1.158%) Short selling $31.43M; Ratio 5.693% by 1.1-2.4%, reflecting lower gross profit margin (GPM) assumptions for the refining business, and cut its target price to $5.3 from $5.5, with rating kept at Outperform, based on earnings recovery and strong dividend yield.SINOPEC CORP's refining business GPM continued to recover QoQ, although it has not returned to reasonable level, Macquarie said. Related NewsCCBI Lifts TPs of CNOOC and PETROCHINA, Downgrades SINOPEC to NeutralRefining margins reached US$7.2 per barrel in 1Q24, while core refining margins, excluding inventory gain, were US$6.3 per barrel, the highest since 2Q23, but still weighed down by high oil prices, freight and insurance fees, and the inability to pass through to consumers through the National Development and Reform Commission (NDRC)'s pricing formula. Macquarie believed that SINOPEC CORP's refining profitability recovery will continue.(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-05-20 16:25.)