Sinopec’s 3Q Displays Downstream Resilience; Capital Expenditure Cut Leads to Increased FVE
Following a lowering in our capital expenditure assumptions, we raise our fair value estimate on Sinopec to HKD 6.80 (USD 87 per ADR) from HKD 6.20 (USD 79). However, the shares remain fairly valued, trading at 0.8 times price/book value presently which marks a slight premium over peer PetroChina. Overall, we’ve lowered our profit forecasts for Sinopec by 18%, 12%, and 9% in 2017, 2018, and 2019, respectively, to reflect lower marketing margins and higher costs, but we keep our medium-term forec...
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