Lowering Our FVE to HKD 6.50 on Weaker 4Q Estimates; Minimal Change in Outer Years
We are lowering our fourth-quarter profit estimate for no-moat-rated Sinopec after additional assessment of its potential mark-to-market inventory losses. We have also factored in increased losses related to its oil hedging trades. This leads to a 21% cut in our 2018 earnings estimate to CNY 67.2 billion and implies that the company’s fourth-quarter net profit will drop 86% year over year from growth of 45% for the first three quarters, leaving full-year 2018 EPS growth at 31%. Our post-2018 inc...
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