至於高盛對中石化(0386.HK)評級為「中性」，對H股目標價由4.8元降至4.5元。由於化學品市場長期過剩及資本支出增加，該行預期中石化將經歷一段自由現金流疲弱的時期，因此在該行覆蓋範圍內，傾向於更上游的公司，即中石油同中海油。Goldman Sachs released a report stating that after Sinopec announced its third quarter performance, it updated its profit forecast. The target price for PetroChina (00857.HK) was slightly lowered from 8.2 yuan to 8.1 yuan, with a 'buy' rating.
The analysis by the bank shows that PetroChina's valuation is still one of the lowest among global peers, with PetroChina's H shares currently discounted based on a long-term Brent price of $65 per barrel. At the same time, PetroChina's 2025 dividend and free cash flow yield remains at stable levels of around 8% and 14% respectively.
Goldman Sachs rates CNOOC (00883.HK) as 'buy', with the target price raised slightly from 23.3 yuan to 23.5 yuan. The bank believes that CNOOC's current stock price is discounted based on a long-term Brent price of $57 per barrel.
As for Sinopec (0386.HK), Goldman Sachs rates it as 'neutral' with the target price for the H shares lowered from 4.8 yuan to 4.5 yuan. Due to long-term oversupply in the chemicals market and increased capital expenditure, the bank expects Sinopec to go through a period of weak free cash flow, hence within its coverage universe, it tends to favor companies further upstream, namely PetroChina and CNOOC.
