Lowering Our 2017 Sinopec Forecast on Weak Oil Prices; FVE Unchanged at HKD 6.20
We lower our full-year 2017 Brent oil price assumption to USD 52.91 from USD 59.78, and also lower our oil-price-linked natural gas price assumptions, leading to 19% and 16% cuts in our 2017 and 2018 net profit forecasts for Sinopec, respectively. However, we retain our other forecasts and still expect a decline in the oil price in 2018 to an average of USD 47.50 before a gradual recovery to our midcycle forecast of USD 60. Given no change to our medium-term expectations, our fair value estimate...
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