Sinopec's HK shares set for best day in 5 months on profit turnaround

Reuters2021-08-30

** Hong Kong shares of China Petroleum & Chemical Corp (Sinopec) jump 5.7% to HK$3.73, set for their biggest daily percentage gain since March 29

** Stock hits the highest since Aug. 12

** Biggest pct gainer on the Hang Seng Composite Index tracking energy stocks and fourth-biggest on the Hang Seng Index

** Sinopec reports its biggest H1 profit since 2018 and expects China's natural gas demand to maintain double-digit growth over the next three years

** Says H1 profit amounted to 39.15 bln yuan ($6.05 bln) against 23 bln yuan loss the same period in 2020

** Sinopec plans to spend 30 bln yuan on hydrogen energy by 2025, with an aim of becoming carbon neutral by 2050 and China's largest player to use hydrogen as transportation fuel

** Citi reiterates "buy" rating, saying the market has overlooked Sinopec as a key beneficiary of the recent policy change in refining market

** Expects the refiner to catch up in performance with an attractive dividend yield of 13%

** Sinopec's Shanghai shares rise 2.2% to 4.19 yuan, their highest since July 14

** The Hang Seng Commerce & Industry Index gains 0.9% and the Hang Seng Composite Index tracking energy stocks surges 2.6%

** The Hang Seng China Enterprises Index slips 0.2% and the benchmark index climbs 0.1%

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Comments

PearlynCSY
2021-09-02
PearlynCSY
As a passive income investor, I have added all 3 major China oil companies (Sinopec, Petrochina and Cnooc) into my watchlist. Strong fundamentals with good dividend yield, low PE and PB.
PearlynCSY
2021-09-01
PearlynCSY
All 3 major China oil companies (Sinopec, PetroChina & Cnooc) are in my watchlist. Strong fundamentals with attractive dividend yield, low PE & PB ratios.
OO_898
2021-08-30
OO_898
Great
OO_898
2021-08-30
OO_898
Great [Strong] looking forward
brightsun
2021-08-30
brightsun
fly