Less Benefit than Peers as Oil Prices Rise, but Dividend Outlook Remains Attractive
Sinopec is guiding for cumulative nine-month profit that points to a decline in third-quarter profit from second-quarter levels. Bottom-line guidance looks to be around CNY 61 billion excluding one-off charges and gains, indicating about a 19% quarter-on-quarter decline in net profit to around CNY 18 billion-CNY 19 billion (but about a 56% year-over-year rise). While this is short of our full-year 2018 estimate on an annualized basis, we retain our longer-term view on Sinopec, as we see upside t...
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