BOCI: Raises Sinopec (00386.HK) Target Price to HK$5, But Expects Q4 Profit Decline

Zhitong Finance APP has learned that BOC International issued a research report stating that China Petroleum & Chemical Corporation's (00386.HK) third-quarter net profit rose 54% quarter-on-quarter to RMB 13.6 billion, 21% higher than the bank's expectation, mainly due to the refining segment's profit far exceeding expectations; although oil prices surged, the bank expects Sinopec's fourth-quarter profit to fall 7% quarter-on-quarter, maintains a "Hold" rating, and raises the target price from HK$4.92 to HK$5.