- The refining business was the bright spot for Sinopec in 3Q 2020, as the segment registered an operating profit of RMB31.5 billion as compared to operating losses in 1H 2020.
- Sinopec generated RMB38.8 billion in investment income from pipeline asset sales; it is positive that the deal valuation was fair and earnings contribution from the divested assets are not substantial.
- Sinopec trades at 8.5 times consensus forward FY 2021 P/E, and it offers a consensus forward FY 2021 dividend yield of 7.2%.
For further details see:
Sinopec: Refining Business Turnaround And Pipeline Asset Sales Boosted Q3 Results