China Petrochemical soft 1% blessing to keep optimistic about earnings rebound this year

China Petrochemical H-shares, which bid for the Canadian oil and gas company, fell back early this morning and continued to dip slightly in the afternoon, with shares falling 0.86% to HK $5.78 and trading 116 million shares.　　The report said it gave the unit a buy rating of HK $7.41, the equivalent of 13.1 times times the expected P/E, or 1.6 times times the market price, at a premium of 28% per cent. The big blessing is optimistic about Sinopec's earnings rebound this year. The outlook for global energy consumption has improved, although the company is expected to narrow its refining margin as international crude oil prices rebound, but the economy is poised to recover. It is expected that the oil price for the remainder of this year will be $60 per barrel, which is expected to be maintained at a reasonable level during the refining profit period; The 09 and 10 earnings forecasts for Sinopec were slightly lowered by 2% and 6% respectively to 42.954 billion yuan and 52.131 billion yuan, up 44% and 21% respectively year-on-year.