Reduced Upstream Losses Lifts our FVE on Sinopec to HKD 7.70 (USD 99/ADR)
With our 2018 Brent oil price forecast rising to USD 70 from USD 61, reduced upstream losses and generally decent downstream indicators lifts our cash flow forecast and fair value estimate for Sinopec to HKD 7.70 per share (USD 99 per ADR) from HKD 7.30 (USD 94). Downstream performance was largely within our expectation with refining margin still remarkably healthy at USD 11.51 per tonne, which reflects a pricing mechanism that is benign to Sinopec. At the higher oil prices, Sinopec's ROICs shou...
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.