Raising Earnings and Capital Expenditure Estimates for Sinopec; Keeping FVE Unchanged
We lift our profit outlook for no-moat Sinopec for 2018 and 2019 by 14% and 10%, respectively, following a rise in our estimates for short-term oil prices, and given refining margins that look to remain relatively healthy for a while longer. However, our fair value estimate remains at HKD 6.80 per share (USD 87 per ADR), as we also raise our capital expenditure assumptions on the improved profit outlook. Given Sinopec's healthy balance sheet and relatively limited spending options, we lift our d...
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