OCBC: Raised target price for China Petroleum & Chemical Corporation (00857.HK) to 8.8 Hong Kong dollars. Third-quarter performance slightly exceeded expectations.

According to the Zhutong Financial APP, DBS released a research report stating that China Petroleum Company (00857.HK) performed slightly better than expected in the third quarter, despite a 15% year-on-year drop in oil prices, with net profit only declining by 3.9% year-on-year. The bank stated that PetroChina's business model is resilient, making it the preferred stock in the industry, and reiterated a "buy" rating with a target price raised from 8.02 Hong Kong dollars to 8.8 Hong Kong dollars. The bank expected that with healthy oil prices at $65 per barrel and a recovery in downstream operations, PetroChina's net profit would remain stable and support its dividends, estimating a dividend yield of 6% over the next two years.