Lowering Sinopec's Earnings Outlook and Fair Value Estimate on Weaker Oil Prices
We lower Sinopec's fair value estimate to HKD 6.10 (ADR of USD 78) from HKD 6.40 (USD 82) as we cut our near-term crude oil price assumptions. The Energy Information Administration, or EIA, lowered its 2019 forecast for the price of Brent crude by 4.6% to USD 66.69 per barrel, citing weaker global demand, although its 2020 estimate is unchanged at USD 67. Our near-term futures-based price assumptions point to further weakness and we factor in a Brent crude price forecast of USD 64.75, USD 59.48 ...
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