carcrashsimulatorpc| Bank of America Securities: Maintain China's petrochemicals "buy" rating target price of HK$5.5

Bank of America Securities released a research report sayingcarcrashsimulatorpc, maintain the "Buy" rating of China Petrochemical (00386)carcrashsimulatorpc, it is expected that the refining business will improve in the second quarter, while as oil prices rise, the exploration and mining business will continue to grow further. Looking forward to a reduction in LNG import losses and an increase in natural gas sales, the business will continue to improve, but the chemical business expectations remain under pressure. It is expected that management will implement a new round of share repurchase plans after the shareholders 'meeting, with a target price of 5carcrashsimulatorpc.5 Hong Kong dollars.

The report pointed out that China Petrochemical's net profit after tax in the first quarter of this year fell 10% year-on-year to 18.7 billion yuan, reaching approximately 29% and 28% of Bank of America and market forecasts for the full year. Among them, EBITDA of exploration and mining business increased by 11% year-on-year, mainly due to the increase in crude oil and natural gas production in the first quarter by 1.5% respectively.carcrashsimulatorpc.3% and 6%, the US dollar appreciated by 5% year-on-year, and the narrowing of losses on liquefied natural gas (LNG) imports. However, the weak performance of the refining and chemical businesses during the period offset the growth.

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