Lowering Our FVE to HKD 6.50 on Weaker 4Q Estimates; Minimal Change in Outer Years
We cut our fair value estimate on China Petroleum & Chemical, or Sinopec, to HKD 6.80 per share (USD 87 per ADR) from HKD 7.50 (USD 96) following a cut in our crude oil price forecast for 2019 and 2020. We think the more than 10% drop in Sinopec's share price in December and particularly in recent days on trading loss concerns more than reflects the likelihood of weaker earnings in the next few years. There is limited impact to our mid- to long-term assumptions as our midcycle price assumpti...
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