Sinopec 1Q Results Set to Benefit From Improved Upstream Earnings -- Market Talk

Dow Jones

6 hours ago

0452 GMT - Sinopec's 1Q results are expected to benefit from improved upstream earnings and inventory gains, Morningstar director Chokwai Lee says in a note. However, he anticipates the oil refiner will face pressure from rising freight costs, pricing controls on refined products and potential export restrictions following the energy shock triggered by the Iran war. "We see downside risk to refining margins should supply disruptions persist," Lee adds, cutting his 2026 net profit forecast by 9%. Morningstar raises its fair value estimate for H-shares to HK$5.70 from HK$5.50. Longer term, declining gasoline and diesel demand in China, driven by rising electric vehicles usage, is expected to weigh on refining margins, while its chemicals segment is projected to return to profitability only in 2028.(jason.chau@wsj.com)

(END) Dow Jones Newswires

March 24, 2026 00:52 ET (04:52 GMT)

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However, he anticipates the oil refiner will face pressure from rising freight costs, pricing controls on refined products and potential export restrictions following the energy shock triggered by the Iran war. \"We see downside risk to refining margins should supply disruptions persist,\" Lee adds, cutting his 2026 net profit forecast by 9%. Morningstar raises its fair value estimate for H-shares to HK$5.70 from HK$5.50. Longer term, declining gasoline and diesel demand in China, driven by rising electric vehicles usage, is expected to weigh on refining margins, while its chemicals segment is projected to return to profitability only in 2028.(jason.chau@wsj.com) \n</p>\n<pre style=\"white-space: pre\">\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  March 24, 2026 00:52 ET (04:52 GMT)\n</p>\n<p>\n  Copyright (c) 2026 Dow Jones &amp; Company, Inc.\n</p>\n</font>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Sinopec 1Q Results Set to Benefit From Improved Upstream Earnings -- Market Talk</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSinopec 1Q Results Set to Benefit From Improved Upstream Earnings -- Market Talk\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2026-03-24 12:52</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<font class=\"NormalMinus1\" face=\"Arial\">\n<p>\n     0452 GMT - Sinopec's 1Q results are expected to benefit from improved upstream earnings and inventory gains, Morningstar director Chokwai Lee says in a note. However, he anticipates the oil refiner will face pressure from rising freight costs, pricing controls on refined products and potential export restrictions following the energy shock triggered by the Iran war. \"We see downside risk to refining margins should supply disruptions persist,\" Lee adds, cutting his 2026 net profit forecast by 9%. Morningstar raises its fair value estimate for H-shares to HK$5.70 from HK$5.50. Longer term, declining gasoline and diesel demand in China, driven by rising electric vehicles usage, is expected to weigh on refining margins, while its chemicals segment is projected to return to profitability only in 2028.(jason.chau@wsj.com) \n</p>\n<pre style=\"white-space: pre\">\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  March 24, 2026 00:52 ET (04:52 GMT)\n</p>\n<p>\n  Copyright (c) 2026 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU2097828714.EUR","symbol_name":"AZ EQUITY CHINA \"BAZ\" (EUR) ACC","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2621583670","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2621583670","pubTimestamp":1774327920,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"0452 GMT - Sinopec's 1Q results are expected to benefit from improved upstream earnings and inventory gains, Morningstar director Chokwai Lee says in a note. However, he anticipates the oil refiner will face pressure from rising freight costs, pricing controls on refined products and potential export restrictions following the energy shock triggered by the Iran war. \"We see downside risk to refining margins should supply disruptions persist,\" Lee adds, cutting his 2026 net profit forecast by 9%. Morningstar raises its fair value estimate for H-shares to HK$5.70 from HK$5.50. 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However, he anticipates the oil refiner will face pressure from rising freight costs, pricing controls on refined products and potential export restrictions following the energy shock triggered by the Iran war. \"We see downside risk to refining margins should supply disruptions persist,\" Lee adds, cutting his 2026 net profit forecast by 9%. Morningstar raises its fair value estimate for H-shares to HK$5.70 from HK$5.50. Longer term, declining gasoline and diesel demand in China, driven by rising electric vehicles usage, is expected to weigh on refining margins, while its chemicals segment is projected to return to profitability only in 2028.(jason.chau@wsj.com) \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  March 24, 2026 00:52 ET (04:52 GMT)\n\n\n  Copyright (c) 2026 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"dataReport","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":true,"code":"91000000","status":"200"}}}