what you'r reporting is exactly one the reason, among many others, I doubt on LPH infos and data disclosed to the market ......
I take just the first comparable you and LPH mention .... Fortune Oil .... do you have an idea of their business ??? just an short and limited extract :
"Fortune Oil first developed oil terminals in China over 14 years ago and remains one of the few international investors in onshore oil infrastructure. Currently the company operations include supplying jet fuel to most of the airports in south and central China and delivering 4% of China crude oil imports.
Fortune Oil established the Maoming Single Point Mooring (SPM) in December 1994 to supply crude oil to Sinopec's Maoming refinery, the largest in southern China. The SPM now delivers 4% of China's crude oil imports. It allows VLCCs (Very Large Crude Carriers) of up to 300,000 tonnes to moor and deliver crude oil via a 15km sub-sea pipeline. The SPM is owned and operated by our subsidiary, Maoming King Ming Petroleum Company Limited, and the other main shareholder is Sinopec Maoming Petrochemical Corporation.
The SPM buoy is commonly used throughout the world for loading and unloading liquids but the Maoming SPM remains the only buoy system in China used for importing crude oil.
Fortune Oil believes that the SPM concept is a cost-effective solution for importing crude oil into China as many ports are shallow and will become more congested as demand increases. The only alternative to a buoy system in many ports is to dredge channels for large tankers. The SPM has provided significant cost savings to the Maoming refinery through its low operating costs and VLCC capability. There is no port in China that can handle VLCCs larger than those at the Maoming SPM.
Fortune Oil's gas strategy is to create an independent integrated gas company: developing our own resources of unconventional gas; sourcing gas from other producers; distributing this gas through pipelines, LNG or CNG; and then retailing this gas to end-users through our city gas companies or CNG vehicle stations. We already have many necessary pieces of the jigsaw in place, such as the largest CNG station in Beijing and a coal bed methane block in Shanxi Province. Currently there are no private or foreign companies in China with a regionally integrated gas business.
Fortune Oil's investments in gas were initially through #$%$ Hua, an 80% owned joint venture with the PetroChina affiliate which operates the pipelines supplying Beijing. Gas from these trunk pipelines is supplied by our spur pipelines or our CNG operations to our city gas companies."
You guys, along with LPH, compare orange to apple while misleading investors .... in addition, Fortune, although having strategic and unique infrastructures, extremely cost efficient, has net margin at just 5%, less than half LPH .....
It is a bigger error for one to compare margins with either SNP or PTR, large cap state-owned refiners, since the lion's share of their profits come from the capital-intensive refinery operations. Use your less-than-stellar chinese websearch skills to locate other comparable mainland china small cap wholesalers and dig up their profit margin statistics.