Financials China Petroleum & Chemical Corporation OTC Markets

Equities

SNPMF

CNE1000002Q2

Oil & Gas Refining and Marketing

Delayed OTC Markets Other stock markets 08:32:06 04/06/2024 pm IST			5-day change	1st Jan Change
0.616 ^USD	-2.22%		-5.23%	+24.42%

13/05	China Petroleum & Chemical Corporation Announces Resignation of Wu Bo on as Supervisor of Sinopec Corp	CI
10/05	Hong Kong Shares Hit Nine-Month High on Report of Regulators Weighing Dividend Tax Waiver	DJ

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	5,95,095	4,59,434	4,79,740	4,96,566	6,21,264	7,20,219	-	-
Enterprise Value (EV) ¹	5,57,146	4,02,086	4,05,758	5,43,632	7,34,436	10,99,397	10,73,470	10,63,176
P/E ratio	8.82 x	10.7 x	4.98 x	6.09 x	7.63 x	7.96 x	7.58 x	7.31 x
Yield	7.4%	6.85%	15.9%	10.7%	9.28%	8.42%	8.58%	9.14%
Capitalization / Revenue	0.2 x	0.22 x	0.18 x	0.15 x	0.19 x	0.22 x	0.21 x	0.21 x
EV / Revenue	0.19 x	0.19 x	0.15 x	0.16 x	0.23 x	0.34 x	0.32 x	0.31 x
EV / EBITDA	3.05 x	2.78 x	1.89 x	2.82 x	3.96 x	5.23 x	4.8 x	4.47 x
EV / FCF	16.9 x	10.3 x	4.96 x	-9.7 x	-158 x	106 x	25.7 x	19.2 x
FCF Yield	5.92%	9.7%	20.1%	-10.3%	-0.63%	0.94%	3.89%	5.22%
Price to Book	0.69 x	0.48 x	0.46 x	0.51 x	0.55 x	0.66 x	0.64 x	0.62 x
Nbr of stocks (in thousands)	12,10,71,210	12,10,71,210	12,10,71,210	11,98,96,408	11,93,49,252	12,16,99,824	-	-
Reference price ²	4.191	2.921	2.958	3.330	3.717	4.519	4.519	4.519
Announcement Date	29/03/20	28/03/21	27/03/22	26/03/23	24/03/24	-	-	-

¹CNY in Million²CNY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	29,70,000	21,10,000	27,40,884	33,18,168	32,12,215	32,36,109	33,71,794	33,91,790
EBITDA ¹	1,82,764	1,44,483	2,15,122	1,92,560	1,85,665	2,10,275	2,23,439	2,37,842
EBIT ¹	86,198	50,331	1,12,414	96,414	86,744	99,667	1,07,787	1,12,787
Operating Margin	2.9%	2.39%	4.1%	2.91%	2.7%	3.08%	3.2%	3.33%
Earnings before Tax (EBT) ¹	90,016	47,969	1,08,348	94,515	86,116	99,319	1,06,535	1,13,030
Net income ¹	57,465	33,100	71,208	66,302	60,463	68,343	71,903	74,859
Net margin	1.93%	1.57%	2.6%	2%	1.88%	2.11%	2.13%	2.21%
EPS ²	0.4750	0.2730	0.5940	0.5470	0.4870	0.5677	0.5965	0.6183
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%	1.24%	1.64%
FCF Conversion (EBITDA)	18.03%	26.98%	37.99%	-	-	4.92%	18.67%	23.32%
FCF Conversion (Net income)	57.35%	117.78%	114.78%	-	-	15.15%	58.03%	74.09%
Dividend per Share ²	0.3100	0.2000	0.4700	0.3550	0.3450	0.3803	0.3876	0.4129
Announcement Date	29/03/20	28/03/21	27/03/22	26/03/23	24/03/24	-	-	-

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	-	10,71,738	-	7,37,534	14,79,281	7,71,386	8,40,740	-	8,41,196	8,64,846	7,91,331	8,02,351	-	8,76,259	7,42,274	7,89,967	8,33,204	8,39,911	8,09,613	-	-
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	31/08/20	28/03/21	29/08/21	27/03/22	27/03/22	27/04/22	28/08/22	28/08/22	28/10/22	26/03/23	27/04/23	27/08/23	27/08/23	26/10/23	24/03/24	28/04/24	-	-	-	-	-

¹CNY in Million²CNY

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	47,066	1,13,172	3,79,179	3,53,251	3,42,958
Net Cash position ¹	37,949	57,348	73,982	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	0.2444 x	0.6095 x	1.803 x	1.581 x	1.442 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%	8.14%	8.15%	8.33%
ROA (Net income/ Total Assets)	3.43%	1.89%	3.97%	3.45%	2.93%	3.41%	3.49%	3.55%
Assets ¹	16,75,364	17,55,968	17,94,737	19,18,924	20,61,332	19,84,891	20,64,238	21,08,113
Book Value Per Share ²	6.110	6.120	6.390	6.550	6.730	6.870	7.090	7.340
Cash Flow per Share ²	1.270	1.380	1.860	0.9600	1.350	1.700	1.590	2.260
Capex ¹	1,41,142	1,28,533	1,43,443	1,72,315	1,66,130	1,73,078	1,67,252	1,65,681
Capex / Sales	4.75%	6.09%	5.23%	5.19%	5.17%	5.35%	4.96%	4.88%
Announcement Date	29/03/20	28/03/21	27/03/22	26/03/23	24/03/24	-	-	-

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

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

4.519 CNY

Average target price

4.99 CNY

Spread / Average Target

+10.44%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Oil & Gas Refining and Marketing

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NESTE OYJ	-41.73%	15.67B

Other Oil & Gas Refining and Marketing