Gelonghui, March 26 | BOC International released a report, raising the profit forecast for China Petroleum & Chemical (0386.HK) by 1% to 2% this year and next two years, and reaffirming the “buy” investment rating for Sinopec. The target price was slightly lowered to HK$5.02. According to the bank, Sinopec's net profit fell 13% year-on-year to RMB 58.3 billion last year, lower than the bank's forecast of 4%, mainly due to other taxes and impairment exceeding expectations. The bank predicts that Sinopec's earnings per share will rise 14% this year, supported by improvements in refining gross profit with more stable oil prices and narrowing losses in the chemical business.
中银国际：微降中石化目标价至5.02港元 去年盈利大致符预期
Bank of China International: Slightly lowered Sinopec's target price to HK$5.02. Last year's profit was roughly in line with expectations
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