Goldman Sachs: China Petroleum (00857.HK) shows resilience in third quarter net profit, with a target price of HK$8.6 and maintains a buy rating.

According to the Wise Wealth APP, Goldman Sachs released a research report stating that it maintains a "buy" rating on China Petroleum & Chemical Corporation (00857, 601857.SH) because the group's cash flow is sufficient to cover basic capital spending and dividends when Brent crude prices are below $60 per barrel, and its free cash flow and dividend yield are attractive. The bank also expects that, in the event of weak oil prices, PetroChina's free cash flow will remain resilient and the group's valuation will remain low compared to global peers. The target price for H shares is HK$8.6 and for A shares is RMB 11.8.