Raising Sinopec’s Fair Value Estimate on Oil Price Adjustments and Weaker Renminbi
We raise our fair value estimate on Sinopec to HKD 5.40 per share from HKD 5.20 (to USD 69 per ADR from USD 67), following adjustments to our oil price forecast in the aftermath of the OPEC decision to cut oil output and on a weaker renminbi of CNY 7.21 to the U.S. dollar in our medium-term forecast. With OPEC’s cut expected to send oil prices up faster than we anticipated, but with shale oil producers likely to respond by raising supply, we now see Brent rising to USD 61 per barrel in 2017 but ...
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