Sinopec’s Capex Increase a Dampener; Our FVE at HKD 6.20 With Spin-Offs to Boost Cash Flow
China Petroleum & Chemical, or Sinopec, guided for a 15.5% jump in capital expenditures for 2019 that is a dampener on sentiment. After reducing our profit forecast by an average 20% over the next five years, we are lowering our fair value estimate to HKD 6.20 (USD 71 per ADR) from HKD 6.50 (USD 84) to reflect reduced free cash flow expectations. However, we still believe that impending spin-off of its marketing and pipeline assets will lead to lower cash flow needs. Sinopec’s 2018 dividend ...
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