CLSA's analyst rating reflects concerns about SINOPEC CORP's underperformance compared to its peers, PETROCHINA and CNOOC, due to challenges in its downstream business amid rising oil prices. The report anticipates that SINOPEC may face an overall loss in Q2 2026, impacting its dividend distributions for 2026, while PETROCHINA and CNOOC are expected to benefit from strong exploration and production earnings, leading to better cash flow and potential dividend increases.
