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<Research>Macquarie Cuts SINOPEC CORP's TP to $5.1 w/ Lower Earnings Forecasts
Recommend 12 Positive 31 Negative 18 |
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According to a Macquarie research report, the broker is currently still sticking to its prediction that the oil market will experience a significant oversupply in 2025. Specifically, in Macquarie's estimate, the average price of WTI crude oil futures will reach around US$65 per barrel in 2025. Due to the anticipated lower refining and sales profit margins, the broker trimmed its 2024-26 post-tax net profit forecasts for SINOPEC CORP (00386.HK) by 29%/ 15%/ 21% to RMB48.3 billion/ RMB57.8 billion/ RMB59.9 billion. Macquarie dropped its target price for SINOPEC CORP by 3.8% to $5.1, with a rating of Outperform. AAStocks Financial News |
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