China's Sinopec nine-month profit jumps, revenue rises 4.4%

Overview

• China oil and chemical firm's nine-month revenue rose 4.4% yr/yr to RMB 2.21 trln

• Net income attributable to shareholders for nine months rose 30% yr/yr

• Net cash flow from operating activities increased 41.1% yr/yr

Outlook

• Company did not provide specific guidance or outlook commentary for future quarters or full yr in the press release

Result Drivers

• HIGHER OPERATING INCOME - Operating income for the nine-month period rose 4.4% yr/yr

• STRONG PROFIT GROWTH - Net profit attributable to shareholders increased 30% yr/yr

• INCREASED CASH FLOW - Net cash flow from operating activities rose 41.1% yr/yr

Company press release: Full Story

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 7 "strong buy" or "buy", 3 "hold" and 2 "sell" or "strong sell"

• The average consensus recommendation for the oil & gas refining and marketing peer group is "buy"

• Wall Street's median 12-month price target for China Petroleum and Chemical Corporation is CNY6.15, about 9.4% above its October 29 closing price of CNY5.62

• The stock recently traded at 14 times the next 12-month earnings vs. a P/E of 11 three months ago

Reuters Recommended Reads

• Oct 28 - PetroChina's Q3 net profit up 21.6% on year

• Oct 29 - Shell Q3 adjusted earnings beat on higher refining margins

• Oct 29 - France's TotalEnergies Q3 adjusted net income rises on refining, LNG boost

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)