Sinopec’s Pipeline Sale Means More in Store; a Boost to PetroChina
Sinopec’s sale of a 50% stake in its Sichuan-East China gas pipeline sends our fair value estimate for the company up slightly to HKD 5.50 per share (USD 71 per ADR) from HKD 5.40 (USD 69 per ADR). While the move has minimal impact on our earnings outlook for the company, save for a likely one-off noncash gain of around CNY 26 billion, the decently attractive valuation portends well for the potential unleashing of value in such assets in the sector. The sale values the asset at around 19 times p...
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