Sinopec Faces Margin Squeeze in Downstream Oil, Chemical Segment -- Market Talk

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Sinopec Faces Margin Squeeze in Downstream Oil, Chemical Segment -- Market Talk

Dow Jones05-14

0303 GMT - Sinopec faces margin pressure in the downstream refined oil and chemical business, CCB International analyst Helen Lau writes in a research note. Sinopec reported weaker-than-expected 1Q earnings, with price weakness in its chemical products hurting operating profit and weighing on the overall earnings result, says Lau. CCB lowers its earnings forecasts for the next two years on Sinopec's disappointing 1Q results, its conservative guidance for its oil and gas production for 2024 and the concerns regarding margin pressures. It downgrades the stock's rating to neutral from outperform and lowers the target price to HK$5.00 from HK$5.50. Shares are 1.4% lower at HK$5.05. (kimberley.kao@wsj.com)

(END) Dow Jones Newswires

May 13, 2024 23:03 ET (03:03 GMT)

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CCB lowers its earnings forecasts for the next two years on Sinopec's disappointing 1Q results, its conservative guidance for its oil and gas production for 2024 and the concerns regarding margin pressures. It downgrades the stock's rating to neutral from outperform and lowers the target price to HK$5.00 from HK$5.50. Shares are 1.4% lower at HK$5.05. 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Sinopec reported weaker-than-expected 1Q ...</p>\n\n<a href=\"https://dowjonesnews.com/newdjn/logon.aspx?AL=N\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU1580142542.USD","symbol_name":"Blackrock Systematic China A-Share Opportunities A2 USD","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2435532450","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2435532450","pubTimestamp":1715655780,"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"0303 GMT - Sinopec faces margin pressure in the downstream refined oil and chemical business, CCB International analyst Helen Lau writes in a research note. Sinopec reported weaker-than-expected 1Q earnings, with price weakness in its chemical products hurting operating profit and weighing on the overall earnings result, says Lau. CCB lowers its earnings forecasts for the next two years on Sinopec's disappointing 1Q results, its conservative guidance for its oil and gas production for 2024 and the concerns regarding margin pressures. It downgrades the stock's rating to neutral from outperform and lowers the target price to HK$5.00 from HK$5.50. Shares are 1.4% lower at HK$5.05. 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Sinopec reported weaker-than-expected 1Q earnings, with price weakness in its chemical products hurting operating profit and weighing on the overall earnings result, says Lau. CCB lowers its earnings forecasts for the next two years on Sinopec's disappointing 1Q results, its conservative guidance for its oil and gas production for 2024 and the concerns regarding margin pressures. It downgrades the stock's rating to neutral from outperform and lowers the target price to HK$5.00 from HK$5.50. Shares are 1.4% lower at HK$5.05. (kimberley.kao@wsj.com) \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  May 13, 2024 23:03 ET (03:03 GMT)\n\n\n  Copyright (c) 2024 Dow Jones & Company, Inc.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"hasMoreComments":false,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}