China Petroleum (SNP) Upgraded to Outperform
We are upgrading China Petroleum & Chemical Corp. (SNP) to Outperform from Neutral. An increasing trend in production and sales volumes could result in 2010 being a high-profit year for Sinopec, in our view.
This will be further amplified by an improvement in realized oil and gas prices. Though the company’s asset structure is downstream-weighted, Sinopec’s [...]