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<Research>Citi Keeps Buy on SINOPEC CORP; Capital Expenditure Cut Conducive to Cash Flow
Recommend 7 Positive 13 Negative 2 |
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Weighed by a severe asset impairment loss of RMB8.6 billion, SINOPEC CORP (00386.HK) logged a YoY plunge of 34% in its FY25 net profit to RMB32.5 billion, Citi's research report said. The company declared a final dividend of RMB0.112 per share, with an annual cash dividend payout ratio increasing by 4 ppts YoY of 75%. On the bright side, SINOPEC CORP's free cash flow turned positive for the first time since 2022, thanks to capital expenditure control. Management guidance for capital expenditure in FY26 is RMB131.6-148.6 billion, representing a YoY change from -11% to +1%. Citi has kept a Buy rating on SINOPEC CORP, with a target price of HKD5.2. AAStocks Financial News |
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