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<Research>JPM Expects Restructuring to Have No Direct Impact on SINOPEC CORP's Earnings/ Cash Flow
Recommend 13 Positive 23 Negative 5 |
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China's State Council has approved the restructuring of Sinopec Group and China National Aviation Fuel Group (CNAF), according to a report from JPMorgan. CNAF holds a 51.3% stake in Singapore-listed China Aviation Oil. From JPMorgan's perspective, this approval reflects the renewed importance of state-owned enterprise restructuring in China's "15th Five-Year Plan". However, it doesn't expect the restructuring to have any direct impact on SINOPEC CORP (00386.HK)'s earnings or cash flow. Whether the restructuring will involve business integration with listed companies remains to be seen. Given that SINOPEC CORP will still be facing challenges in the short term overall, JPMorgan has kept its Neutral rating unchanged, with a target price of HKD4. AAStocks Financial News |
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