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Sinopec (SNP +0.5%) is raised to Buy from Neutral at Citigroup, which expects a strong earnings...

Sinopec (SNP +0.5%) is raised to Buy from Neutral at Citigroup, which expects a strong earnings recovery for SNP in FY13 on the back of better refining margins and improved regional chemical margins. The firm believes the Chinese government implementation of the oil product pricing mechanism improved in H2, leading domestic refining to turn positive late in the year.
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