Sinopec’s Upstream Charge Dents Otherwise in Line Interim Performance, FVE Unchanged
China Petroleum & Chemical Corp’s, or Sinopec’s, interim 2017 results revealed higher-than-expected upstream loss of CNY 12.6 billion because of a CNY 3.5 billion impairment charge. Core performance was largely within projections with higher oil & gas prices, and strong chemicals and marketing profit offsetting softer refining margins leading to a 40% year-over-year rebound in net profit to CNY 27.9 billion. We make only minor changes to our profit forecast leaving our fair value estimat...
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