UBS Cuts SINOPEC CORP TP to HKD7.1, Expects Refining and Chemicals Businesses to Face Pressure in 2Q
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UBS has cut its target price for SINOPEC CORPfrom HKD7.8 to HKD7.1, citing expected pressure on the refining and chemicals businesses in Q2 due to rising crude oil costs. The company reported a 3.9% YoY decline in Q1 revenue to RMB706.7 billion, while net profit rose 28% YoY to RMB17 billion, aided by crude oil inventory gains. UBS also lowered its 2026 earnings forecast by 18% but maintained a Buy rating.
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