TMCNet:  [I-bank focus]Credit Suisse raises Sinopec (00386) to HK$10 [ET Net News (China)]

[March 09, 2014]

[I-bank focus]Credit Suisse raises Sinopec (00386) to HK$10 [ET Net News (China)]

(ET Net News (China) Via Acquire Media NewsEdge) [ET Net News Agency, 10 March 2014] Credit Suisse lifted its target price for Sinopec (00386) to HK$10 from HK$8.7 given its positive stance on a potential structural re-rating of the segment and rolling over. The house maintained its "outperform" call.

Following Sinopec Chairman Fu Chengyu's various interviews and press conferences in recent days, the research house believes the sale of 30% of the marketing segment will happen in months. It is quite possible that potential investors will include foreign capital with retail/oil/internet background.

Credit Suisse said Sinopec's marketing business deserves a valuation of 16x P/E as a standalone company, after examining its global counterparts. (KL) (c) 2014 ET Net Limited. All rights reserved. Provided by, an company

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