Sinopec’s 4Q Beats Our Expectations; Raising FVE to HKD 6.20
No-moat China Petroleum & Chemical, or Sinopec, posted a strong fourth-quarter performance on a pickup in refining profit and a one-off gain from the sale of pipeline assets. As a result, full-year 2016 net profit beat our estimate by 14%. In addition, the company has issued guidance of first-quarter 2017 net profit to be over 150% better than a year ago. This is due to lesser upstream losses and robust refining income. The improved first-quarter performance is no surprise, and our 2017 prof...
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