Financials China Petroleum & Chemical Corporation

Equities

386 CNE1000002Q2

Oil & Gas Refining and Marketing

Market Closed - Hong Kong S.E. Other stock markets 04:08:22 2024-05-10 am EDT			5-day change	1st Jan Change
5.09 ^HKD	+5.38%		+10.17%	+24.45%

10:52am	Hong Kong Shares Hit Nine-Month High on Report of Regulators Weighing Dividend Tax Waiver	DJ
May. 09	China April crude oil imports rise 5.45% on previous year	RE

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	595,095	459,434	479,740	496,566	621,264	737,669	-	-
Enterprise Value (EV) ¹	557,146	402,086	405,758	543,632	734,436	1,116,847	1,090,919	1,080,626
P/E ratio	8.82 x	10.7 x	4.98 x	6.09 x	7.63 x	8.37 x	8 x	7.8 x
Yield	7.4%	6.85%	15.9%	10.7%	9.28%	7.88%	8.13%	8.62%
Capitalization / Revenue	0.2 x	0.22 x	0.18 x	0.15 x	0.19 x	0.23 x	0.22 x	0.22 x
EV / Revenue	0.19 x	0.19 x	0.15 x	0.16 x	0.23 x	0.35 x	0.33 x	0.32 x
EV / EBITDA	3.05 x	2.78 x	1.89 x	2.82 x	3.96 x	5.08 x	4.79 x	4.5 x
EV / FCF	16.9 x	10.3 x	4.96 x	-9.7 x	-158 x	108 x	26.1 x	19.5 x
FCF Yield	5.92%	9.7%	20.1%	-10.3%	-0.63%	0.93%	3.82%	5.13%
Price to Book	0.69 x	0.48 x	0.46 x	0.51 x	0.55 x	0.69 x	0.66 x	0.64 x
Nbr of stocks (in thousands)	121,071,210	121,071,210	121,071,210	119,896,408	119,349,252	121,699,824	-	-
Reference price ²	4.191	2.921	2.958	3.330	3.717	4.707	4.707	4.707
Announcement Date	3/29/20	3/28/21	3/27/22	3/26/23	3/24/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	2,970,000	2,110,000	2,740,884	3,318,168	3,212,215	3,222,940	3,283,609	3,342,146
EBITDA ¹	182,764	144,483	215,122	192,560	185,665	219,640	227,765	240,332
EBIT ¹	86,198	50,331	112,414	96,414	86,744	100,653	107,190	113,516
Operating Margin	2.9%	2.39%	4.1%	2.91%	2.7%	3.12%	3.26%	3.4%
Earnings before Tax (EBT) ¹	90,016	47,969	108,348	94,515	86,116	100,017	106,535	113,030
Net income ¹	57,465	33,100	71,208	66,302	60,463	67,640	72,109	76,415
Net margin	1.93%	1.57%	2.6%	2%	1.88%	2.1%	2.2%	2.29%
EPS ²	0.4750	0.2730	0.5940	0.5470	0.4870	0.5624	0.5884	0.6035
Free Cash Flow ¹	32,957	38,985	81,731	-56,046	-4,655	10,354	41,725	55,464
FCF margin	1.11%	1.85%	2.98%	-1.69%	-0.14%	0.32%	1.27%	1.66%
FCF Conversion (EBITDA)	18.03%	26.98%	37.99%	-	-	4.71%	18.32%	23.08%
FCF Conversion (Net income)	57.35%	117.78%	114.78%	-	-	15.31%	57.86%	72.58%
Dividend per Share ²	0.3100	0.2000	0.4700	0.3550	0.3450	0.3707	0.3824	0.4058
Announcement Date	3/29/20	3/28/21	3/27/22	3/26/23	3/24/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2020 S2	2021 S1	2021 Q4	2021 S2	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	-	1,071,738	-	737,534	1,479,281	771,386	840,740	-	841,196	864,846	791,331	802,351	-	876,259	742,274	789,967	833,204	839,911	809,613	-	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	-27,723	78,054	-	18,116	-	33,777	30,424	-	14,576	17,637	31,090	21,262	53,696	26,236	9,842	27,325	28,818	24,867	20,493	-	-
Operating Margin	-	7.28%	-	2.46%	-	4.38%	3.62%	-	1.73%	2.04%	3.93%	2.65%	-	2.99%	1.33%	3.46%	3.46%	2.96%	2.53%	-	-
Earnings before Tax (EBT)	-28,012	75,981	-	14,605	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income	-22,882	54,821	39,954	11,316	-	23,338	21,113	-	13,130	-	20,740	14,371	35,111	-	-	18,721	-	-	-	-	-
Net margin	-	5.12%	-	1.53%	-	3.03%	2.51%	-	1.56%	-	2.62%	1.79%	-	-	-	2.37%	-	-	-	-	-
EPS ²	-	-	0.3300	0.0920	-	0.1930	0.1740	-	0.1080	0.0720	0.1730	0.1200	-	0.1490	0.0360	0.1560	0.1650	0.1300	0.1050	0.1900	0.1600
Dividend per Share	0.0700	-	0.1600	-	0.3100	-	-	0.1600	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	8/31/20	3/28/21	8/29/21	3/27/22	3/27/22	4/27/22	8/28/22	8/28/22	10/28/22	3/26/23	4/27/23	8/27/23	8/27/23	10/26/23	3/24/24	4/28/24	-	-	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	47,066	113,172	379,179	353,251	342,958
Net Cash position ¹	37,949	57,348	73,982	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	0.2444 x	0.6095 x	1.726 x	1.551 x	1.427 x
Free Cash Flow ¹	32,957	38,985	81,731	-56,046	-4,655	10,354	41,725	55,464
ROE (net income / shareholders' equity)	7.89%	4.44%	9.47%	8.5%	7.59%	7.95%	8.1%	8.35%
ROA (Net income/ Total Assets)	3.43%	1.89%	3.97%	3.45%	2.93%	3.44%	3.52%	3.56%
Assets ¹	1,675,364	1,755,968	1,794,737	1,918,924	2,061,332	1,967,708	2,048,252	2,144,892
Book Value Per Share ²	6.110	6.120	6.390	6.550	6.730	6.870	7.090	7.320
Cash Flow per Share ²	1.270	1.380	1.860	0.9600	1.350	1.800	1.590	2.260
Capex ¹	141,142	128,533	143,443	172,315	166,130	165,653	157,700	153,731
Capex / Sales	4.75%	6.09%	5.23%	5.19%	5.17%	5.14%	4.8%	4.6%
Announcement Date	3/29/20	3/28/21	3/27/22	3/26/23	3/24/24	-	-	-

¹CNY in Million²CNY

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for China Petroleum & Chemical Corporation

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

4.707 CNY

Average target price

4.968 CNY

Spread / Average Target

+5.56%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Oil & Gas Refining and Marketing

	1st Jan change	Capi.
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PHILLIPS 66	+9.49%	62.63B
VALERO ENERGY CORPORATION	+20.00%	51.95B
IMPERIAL OIL LIMITED	+26.55%	37.53B
INDIAN OIL CORPORATION LIMITED	+22.41%	25.84B
FORMOSA PETROCHEMICAL CORPORATION	-12.89%	20.51B
REPSOL S.A.	+10.33%	19.36B
NESTE OYJ	-30.30%	18.06B

Other Oil & Gas Refining and Marketing