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<Research> BOCI Raises SINOPEC CORP (00386.HK) TP to HKD5.19; 2Q26 Outlook Uncertain
Recommend 6 Positive 10 Negative 5 |
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BOCI published a report stating that SINOPEC CORP (00386.HK) recorded a 27% YoY increase in 1Q earnings to RMB17.7 billion, calculated under International Financial Reporting Standards. The refining segment was the main growth driver, with operating profit surging 6.7x YoY to RMB18.8 billion, partly benefiting from RMB6.3 billion in inventory gains. However, the broker noted that SINOPEC CORP's earnings outlook for 2Q26 is highly uncertain. As high oil prices begin to feed into costs while domestic gasoline and diesel prices have not risen correspondingly, refining margins may decline QoQ, leaving the second-quarter outlook unclear. The broker raised its earnings forecasts for 2026 to 2027 by 4% to 8%, but currently maintains a Hold rating. The H-share TP was lifted from HKD4.98 to HKD5.19. (ha/da) Auto-translated by AI This article was automatically translated by AI, the original language version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. More Details
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