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SINOPEC CORP Soars 5%, Hits 3Mths+ High; CLSA Says Results Beat w/ Higher Payout Ratio a Positive Surprise, Raises TP to HKD5.1
2026-08-24 11:39:36 SINOPEC CORP (00386.HK) opened up 0.91% today (24th), with gains expanding thereafter. The stock busted above the 250MA and the neckline of a head-and-shoulders bottom pattern, reaching a peak of HKD4.675, the highest level in more than three months. It last traded at HKD4.63, up 5.11%, with turnover hiking to 231 million shares involving HKD1.068 billion. CLSA said in a report that SINOPEC's 2Q booked net profit was RMB8.8 billion, down 10% YoY and down 50% QoQ. The broker believed the performance was better than market concerns amid the challenging operating environment wrought by Middle East tensions in 2Q. SINOPEC announced an interim DPS of RMB0.105, up 19% YoY, while the payout ratio rose 3 ppts YoY to 48%, representing a positive surprise. CLSA said the market is currently focused on three key issues for SINOPEC. First, whether its crude oil imports are still affected by Middle East tensions. Second, how downstream profitability will perform with oil prices above USD90 per barrel. Third, when China may relax supply security considerations and allow refineries to resume refined oil exports, enabling SINOPEC to capture rising regional refining margins. The broker updated its model and raised its 2026-28 EPS forecasts by 0-7%. It raised the H-share TP to HKD5.1 from HKD4.9, and lifted the A-share TP for SINOPEC (600028.SH) to RMB6.7 from RMB6.4, while maintaining the Outperform rating. ~ AASTOCKS Financial News Website: www.aastocks.com | |