Lowering Sinopec's FVE to HKD 7.50 (USD 96/ADR), Reflects Slightly Lower Income and Renminbi
We lower our profit projections on Sinopec by 3%-5% in 2018-2019 and by an average 10% in the midterm leading to a slight cut in our fair value estimate to HKD 7.50 (USD 96 per ADR) from HKD 7.70 (USD 99/ADR). The change also incorporates a 7.5% reduction in our renminbi exchange rate versus the Hong Kong dollar. Because Sinopec's revenue is largely U.S.-dollar denominated, the company does benefit slightly from the weaker renminbi. The lowered earnings mainly reflect softer marketing and chemic...
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.