Sinopec's Profit Remains Robust but Guiding for Lower Sales, Our FVE Unchanged
There was little surprise in no-moat Sinopec's first-half performance with the 52% year-over-year jump in net profit driven by higher oil prices. We keep our fair value estimate unchanged at HKD 7.50 (USD 96 per ADR) after minor tweaks to our forecast. While we think Sinopec is fairly valued currently, we think the company's attractive dividend yield remains intact and the increase in interim DPS to CNY 0.16 from CNY 0.11 last year portends to an attractive full-year dividend. While we've not fo...
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