Sinopec First Quarter Profit Up 163% and in Line; Keeping FVE at HKD 6.20
No-moat China Petroleum & Chemical Corp, or Sinopec, posted first-quarter 2017 net profit of CNY 17.5 billion that is in line with our forecast. We keep our fair value estimate unchanged at HKD 6.20 (USD 79 per ADR). The proposed purchase of a 50% stake in petrochemical plant Shanghai Secco has limited impact on our profit forecasts and can be afforded via its own internal cashflow. We expect Sinopec to see earnings grow 63% to CNY 76.1 billion in 2017 on lesser upstream losses propelled by ...
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