BNP downgrades Sinopec Zhenhai rating to ˇ§in line with the marketˇ¨

As the gasoline factory price of Sinopec Zhenhai Refining & Chemical (1128) was broadly downgraded by 14%, effective from July 3, BNP downgraded the rating of the company from ˇ§lead the marketˇ¨ to ˇ§in line with the marketˇ¨ accordingly. The fund house also pointed out that after the gasoline price was downgraded, the marginal profit of the company was narrowed by 4.5% to US$2.41 each barrel and its profit forecast in 2001 was also downgraded by 6% to RMB574 mln.

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