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瑞信：维持中石化“中性”评级 目标价升至4港元

Credit Suisse: maintain China Petroleum & Chemical Corp's "neutral" rating target price to HK $4

Moomoo 24/7 ·  Aug 29, 2022 23:14
Credit Suisse released a research report saying it maintained China Petroleum & Chemical Corp's "neutral" rating and raised its earnings per share forecast for 2022-24 by 1-4 per cent, raising its target price from HK $3.80 to HK $4. The group's second-quarter net profit fell 2 per cent year-on-year to 21 billion yuan, better than expected, while the first-half net profit was 44 billion yuan, accounting for 59 per cent of the bank and market forecasts for the whole year. The bank believes that the better-than-expected earnings performance of the group and the announcement of share buybacks will trigger a positive reaction in the share price in the short term. However, the deterioration of its cash flow in the first half of the year is also a matter of concern, as it may have a negative impact on the dividend payout ratio for the whole of the year.
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