No Surprises in Sinopec's Full-Year Output, Estimates Unchanged but FVE Raised on Stronger Renminbi
Sinopec's full-year 2017 operating statistics were largely in line with our estimates and our earnings estimates are unchanged. However, our fair value rises to HKD 7.00 per share and USD 89 per ADR from HKD 6.80 and USD 87, respectively, due to a stronger conversion rate for the Renminbi against the USD and HKD. Natural gas output increased 20% year on year in line with the company's guidance. This helped lift oil & gas output by 4.7% over 2016 level despite a 3.2% decline in crude oil prod...
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