Sinopec's Softer Refining Profit Offset by Higher Crude Oil Prices, but Gas a Drag; FVE Unchanged
We keep our fair value estimate on Sinopec at HKD 7.50 (USD 96.40 per ADR) although we note that the company's third-quarter performance is somewhat disappointing with weak natural gas prices and a steeper-than-expected drop in refining segment profit. This leads to a 5% cut in our 2018 profit estimate, but because we raise our crude oil price assumptions for the coming quarter and through 2021, we revise our 2019-21 earnings higher. Our capital expenditure and midcycle forecasts for oil & g...
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