0386.HK - China Petroleum & Chemical Corporation

HKSE - HKSE Delayed Price. Currency in HKD
4.490
-0.080 (-1.75%)
At close: 4:08PM HKT
Stock chart is not supported by your current browser
Previous Close4.570
Open4.550
Bid4.480 x 0
Ask4.490 x 0
Day's Range4.450 - 4.560
52 Week Range4.450 - 6.930
Volume109,755,225
Avg. Volume86,678,214
Market Cap626.171B
Beta (3Y Monthly)1.62
PE Ratio (TTM)7.75
EPS (TTM)0.580
Earnings DateN/A
Forward Dividend & Yield0.44 (9.56%)
Ex-Dividend Date2019-09-06
1y Target Est8.36
  • Aramco IPO Will Lean on Saudis and China as Fund Managers Balk
    Bloomberg

    Aramco IPO Will Lean on Saudis and China as Fund Managers Balk

    (Bloomberg) -- One week into Saudi Aramco’s mammoth initial public offering and the likely shape of the deal is already emerging. Investors with political or strategic reasons to buy the stock are in, while many international money managers seem ready to pass -- at least until Crown Prince Mohammed bin Salman decides to rein in his valuation ambitions still further.The richest Saudis are being pressed to commit large sums to the IPO. Among those considering sizable purchases are the Olayan family and Prince Alwaleed bin Talal, the billionaire investor who was held for several weeks in Riyadh’s Ritz-Carlton Hotel during the 2017 crackdown on corruption.China, the world’s largest oil importer, may commit as much as $10 billion through sovereign wealth funds and other state-owned enterprises, according to people familiar with the situation. An investment would be a hedge against rising oil prices and chime with the objectives of Beijing’s ambitious Belt and Road program.But fund managers remain skeptical even after the Saudi government dropped their target valuation from $2 trillion to about $1.7 trillion.There’s a lot at stake for Prince Mohammed, Saudi Arabia’s de facto ruler, and his Vision 2030 plan to overhaul the Saudi economy. He proposed the offering in 2016 as a way to expose the state-owned giant to the rigors of the market and raise money for the sovereign wealth fund.But he quickly boxed himself in by claiming a $2 trillion valuation for the company -- a number based on comparing the kingdom’s enormous oil reserves with those held by large international oil companies like Exxon Mobil Corp. Analysts have consistently challenged his calculation, saying metrics like cash flow and dividend yield are more relevant."MBS will be acutely aware that focusing solely on valuation risks damaging the symbolic value of the IPO," Torbjorn Soltveldt, principal analyst for the Middle East and North Africa at Verisk Maplecroft, said in a note. "Putting pressure on wealthy Saudi nationals to act as cornerstone investors to boost Aramco’s valuation will only reinforce concerns about governance."Fund managers are concerned the Saudi government -- which may sell only about 2% of Aramco -- won’t give enough say to minority shareholders. Regional geopolitical risks, underscored when the company’s facilities were struck by missiles and drones in September, are also weighing on investors’ calculations.“In terms of scale and quality of Aramco’s assets, they’ve got the world’s best, bar none,” said Dwight Anderson, the founder of hedge fund Ospraie Management. “But the decisions that they make are optimized to achieve the country’s objectives, not yours as an individual shareholder.”Aramco will publish an initial version of the IPO’s prospectus on Saturday, giving investors greater details on the company’s structure, finances and strategy. A price range will be set on November 17th, kicking of a formal investor road show.Saudi Arabia is turning to rich local families as it seeks to shore up demand for the record-breaking share sale. As well the Olayans and Alwaleed, Aramco representatives have been seeking an investment from the Almajdouie family, whose businesses range from distributing Hyundai Motor Co. vehicles in the kingdom to a large logistics operation, according to people familiar with the matter.They have also approached members of the Al-Turki clan, who are involved in fields from real estate to general trading, food distribution and ports, the people said, asking not to be identified discussing private conversations.In China, the Beijing-based Silk Road Fund is among parties that have been in discussions to buy stock in the offering, according to people familiar with the matter. State-owned oil producer Sinopec Group and sovereign wealth fund China Investment Corp. have also held talks in recent months about investing.Large commitments from China would help Aramco make the share sale a success after Western money managers pushed back earlier on the company’s valuation.Money managers including AllianceBernstein and Frankfurt-based Union Investment Privatfonds believe the energy giant is worth less than the figure of about $1.7 trillion that the prince is now said to be willing to accept.“If Aramco decides to significantly lower its overambitious valuation expectations and float the company on investor-friendly terms, these will be considered a sign of strength and wisdom rather than weakness,” said Slava Breusov, a senior analyst with the emerging and frontier equities team at AllianceBernstein, which manages almost $600 billion.\--With assistance from Kelly Gilblom and Selcuk Gokoluk.To contact the reporters on this story: Matthew Martin in Dubai at mmartin128@bloomberg.net;Dinesh Nair in London at dnair5@bloomberg.net;Netty Ismail in Dubai at nismail3@bloomberg.netTo contact the editors responsible for this story: Will Kennedy at wkennedy3@bloomberg.net, Christopher SellFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • China considers up to $10 billion investment in Aramco IPO - Bloomberg
    Reuters

    China considers up to $10 billion investment in Aramco IPO - Bloomberg

    Beijing-based Silk Road Fund, state-owned oil producer Sinopec Corp and sovereign wealth fund China Investment Corp are among parties that have been in discussions to buy stock in the offering, according to the report. Aramco kicked off its IPO on Sunday, announcing its intention to float on its domestic bourse in what could be the world's biggest listing as the kingdom seeks to diversify its economy away from oil. Aramco, Silk Road Fund, Sinopec, China Investment Corp did not immediately respond to requests for comment.

  • China considers up to $10 billion investment in Aramco IPO: Bloomberg
    Reuters

    China considers up to $10 billion investment in Aramco IPO: Bloomberg

    Beijing-based Silk Road Fund, state-owned oil producer Sinopec Corp and sovereign wealth fund China Investment Corp are among parties that have been in discussions to buy stock in the offering, according to the report. Aramco kicked off its IPO on Sunday, announcing its intention to float on its domestic bourse in what could be the world's biggest listing as the kingdom seeks to diversify its economy away from oil. Aramco, Silk Road Fund, Sinopec, China Investment Corp did not immediately respond to requests for comment.

  • China Considers Up to $10 Billion Stake in Saudi State Oil Giant’s IPO
    Bloomberg

    China Considers Up to $10 Billion Stake in Saudi State Oil Giant’s IPO

    (Bloomberg) -- Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.Chinese state-owned entities are in talks about investing a combined $5 billion to $10 billion in Aramco’s initial public offering, as Saudi Arabia seeks commitments from friendly governments to shore up the record share sale, people with knowledge of the matter said.The Beijing-based Silk Road Fund is among parties that have been in discussions to buy stock in the offering, according to the people, who asked not to be identified because the information is private. Some other Chinese funds or state-owned enterprises may also join, the people said.President Xi Jinping has been seeking to increase China’s political clout and revive ancient trading routes under his “One Belt, One Road” initiative. An investment in Aramco would cement ties with Saudi Arabia as well as provide China a way to profit from rising oil prices.State-owned oil producer Sinopec Group and sovereign wealth fund China Investment Corp. have also held talks in recent months about investing in the Aramco IPO, the people said. Commitments haven’t been finalized, and the lineup of investors and the amounts each firm puts in will ultimately depend on the Chinese government, the people said.The Silk Road Fund was set up in 2014 with $40 billion of initial capital. It was later supplemented with another 100 billion yuan ($14 billion) of funds, according to its website.Large commitments from China would help Aramco make the share sale a success after Western money managers pushed back earlier on the company’s valuation. Saudi Crown Prince Mohammed Bin Salman has long insisted the state oil company is worth $2 trillion, although he’s prepared to scale back his expectations to between $1.6 trillion and $1.8 trillion, Bloomberg News has reported.Aramco declined to comment. Representatives for the Silk Road Fund and CIC, as well as Sinopec Group and its main listed unit, didn’t reply to requests for comment. China’s State-owned Assets Supervision and Administration Commission, which oversees the biggest government enterprises, and the finance ministry didn’t respond to faxed queries.The head of Russia’s sovereign wealth fund said last week that Aramco’s IPO is a “unique opportunity.” Russian investors are “keen to participate” in the deal, Chief Executive Officer Kirill Dmitriev said in a Bloomberg Television interview in Riyadh.Partners of the fund, known as the Russian Direct Investment Fund, are considering taking part in the deal, a representative for RDIF said in response to Bloomberg queries. No final decision has been made and investment amounts haven’t been set, according to the representative.(Adds comments from Russian fund in last two paragraphs.)\--With assistance from Alfred Cang and Yuliya Fedorinova.To contact Bloomberg News staff for this story: Dinesh Nair in London at dnair5@bloomberg.net;Steven Yang in Beijing at kyang74@bloomberg.net;Matthew Martin in Dubai at mmartin128@bloomberg.net;Zhang Dingmin in Beijing at dzhang14@bloomberg.netTo contact the editors responsible for this story: Ben Scent at bscent@bloomberg.net, ;Shiyin Chen at schen37@bloomberg.net, ;Katrina Nicholas at knicholas2@bloomberg.net, ;Stefania Bianchi at sbianchi10@bloomberg.net, Adveith NairFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • PR Newswire

    Sinopec Ascends Shanghai Futures Exchange with Registration of "Donghai" Asphalt

    SHANGHAI , Oct. 31, 2019 /PRNewswire/ -- Sinopec "Donghai" asphalt obtained approval from the Shanghai Futures Exchange for registration on Oct. 31 , marking the debut of China's biggest asphalt ...

  • Sinopec's third-quarter profit drops a third on fuel glut, lower oil prices
    Reuters

    Sinopec's third-quarter profit drops a third on fuel glut, lower oil prices

    BEIJING/SINGAPORE (Reuters) - Sinopec Corp, Asia's top refiner, posted a 35% fall in third-quarter net profit versus a year earlier, according to Reuters calculations based on a company filing, dragged down by narrowing refining margins and weaker global oil prices. The decline follows the launch of two privately owned mega-refineries and the expansion of other major refining plants, which added to the fuel surplus in China's refined oil market, slashing profit margins for oil processors. Sinopec reported 11.94 billion yuan ($1.69 billion) net earnings for the July-September period, down just over a third from the same period last year.

  • Is China Petroleum & Chemical (HKG:386) Using Too Much Debt?
    Simply Wall St.

    Is China Petroleum & Chemical (HKG:386) Using Too Much Debt?

    The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says...

  • 6 High-Yielding Dividend Stocks
    GuruFocus.com

    6 High-Yielding Dividend Stocks

    British American Tobacco makes the list Continue reading...

  • Sinopec Debuts World's Largest Crawler Crane in Saudi Arabia
    PR Newswire

    Sinopec Debuts World's Largest Crawler Crane in Saudi Arabia

    Co-developed with XCMG, the XGC88000 4,000-ton crawler crane has the highest capacity in its class. JUBAIL INDUSTRIAL CITY, Saudi Arabia , Oct. 24, 2019 /PRNewswire/ -- China Petroleum & Chemical Corporation ...

  • Oil Declines as Investors Focus on Gloomy Economic Outlook
    Bloomberg

    Oil Declines as Investors Focus on Gloomy Economic Outlook

    (Bloomberg) -- Crude fell for a second day amid a weakening global growth outlook and abundant crude supplies in the world’s largest economy.Futures slid 1.5% in New York on Tuesday. Hopes for a resolution of key issues in the U.S.-China trade dispute are fading, souring prospects for a revival in energy demand. Meanwhile, the International Monetary Fund cut its 2019 global growth forecast for a fifth time.“There are still U.S.-China trade talks and demand concerns” that are weighing on the market, said Michael Hiley, head of OTC energy trading with LPS Partners.Aside from the U.S.-China trade war, investors are also focused on supply increases in the U.S. The Energy Information Administration sees crude output at major shale plays across the U.S. rising 58,000 barrels a day to 8.97 million barrels a day in November.West Texas Intermediate for November delivery fell 78 cents to settle at $52.81 a barrel on the New York Mercantile Exchange.Brent crude for December settlement inched down 61 cents to end the session at $58.74 a barrel on the London-based ICE Futures Europe Exchange, and traded at a premium of $5.86 to WTI for the same month.Beijing wants a rollback in tariffs in its trade war with the U.S. before China can feasibly agree to buy as much as $50 billion of American agriculture products that President Donald Trump claims are part of an initial deal, people familiar with the matter said.Meanwhile, in the U.S., crude inventories probably rose for a fifth straight week. That would be the longest stretch of increases since February. Analysts in a Bloomberg survey see stockpiles increasing 3 million barrels. The Energy Information Administration is scheduled to release its weekly inventory report on Thursday.“The market has plenty of supply in the short-term,” said Phil Flynn, senior market analyst at Price Futures Group Inc. in Chicago. Investors are “expecting a big increase in supply this week because the refinery runs are so low.”\--With assistance from Sheela Tobben.To contact the reporter on this story: Jacquelyn Melinek in New York at jmelinek@bloomberg.netTo contact the editors responsible for this story: David Marino at dmarino4@bloomberg.net, Jessica Summers, Mike JeffersFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • China’s Biggest Refiner to Reduce Operations After Freight Rates Skyrocket
    Bloomberg

    China’s Biggest Refiner to Reduce Operations After Freight Rates Skyrocket

    (Bloomberg) -- China’s biggest refiner plans to reduce operations from next month after a surge in the cost of shipping crude eroded margins, according to people with knowledge of the matter.Freight rates have skyrocketed since the U.S. announced sanctions on Chinese shipowners in late-September, triggering a flight from vessels owned by affected companies and a bidding war for alternative tankers. That’s driven up the cost of importing crude and is cutting into the profits made from refining.Sinopec Corp. is looking to start cutting run rates from November, according to the people, who asked not to be identified as information is private. The company could reduce total processing by one million tons of oil in December, the equivalent of about 5% of the company’s refining, according to one of the people. An external spokesperson for the company declined to comment.See also: Dilemma for Oil Refiners as Surging Ship Costs Kill MarginsThe decision by Sinopec -- China’s top refiner by capacity -- comes at a time when Asian processors would typically be increasing run rates to cope with higher fuel demand from winter and holiday consumption. The surge in oil-procurement costs has far outweighed an expected boost in margins toward the end of 2019 due to cleaner ship-fuel rules that take effect on Jan. 1.“Such a dramatic surge in freight rates is unprecedented,” said Li Li, an analyst at Shanghai-based commodities researcher ICIS-China. “It’s something that most market observers have never seen before, and it’s leading to widespread panic.”The cost of chartering a supertanker from the Arabian Gulf to China surged fivefold since late-September, according to Baltic Exchange data, as sanctions on units of companies including COSCO Shipping Energy Transportation Co. prompted cancellations and replacements. Booking a tanker for the West Africa to China route rose to $10 a barrel -- which adds almost 20% to the price of oil -- from about $2.50 before the sanctions.Sinopec, which operates complex refineries along China’s coast, the Yangtze River and in North China, imports oil from all the major producing regions. Higher freight rates are set to have a bigger impact on longer-haul shipments.The rising transport costs may prompt refiners to tap existing inventories as they reduce spot purchases. Indian Oil Corp. has been forced to reduce spot imports, while Hindustan Petroleum Corp. has raised concerns about the impact of shipping rates on the company’s procurement plans and profits.“The decision by Sinopec could contribute some bullishness to the Asian fuels and oil-products market,” ICIS-China’s Li said. “Particularly if more refiners across the region follow suit.”(Adds charts and analyst comments in 5th and last paragraph)\--With assistance from Alex Longley.To contact the reporters on this story: Alfred Cang in Singapore at acang@bloomberg.net;Sharon Cho in Singapore at ccho28@bloomberg.net;Serene Cheong in Singapore at scheong20@bloomberg.netTo contact the editors responsible for this story: Serene Cheong at scheong20@bloomberg.net, Alexander Kwiatkowski, Andrew JanesFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Were Hedge Funds Right About Dumping China Petroleum & Chemical Corp (SNP)?
    Insider Monkey

    Were Hedge Funds Right About Dumping China Petroleum & Chemical Corp (SNP)?

    Investing in small cap stocks has historically been a way to outperform the market, as small cap companies typically grow faster on average than the blue chips. That outperformance comes with a price, however, as there are occasional periods of higher volatility. The last 12 months is one of those periods, as the Russell 2000 […]

  • Friend or Foe? 3 Chinese Large-Cap Stock Charts to Trade
    InvestorPlace

    Friend or Foe? 3 Chinese Large-Cap Stock Charts to Trade

    What will today's political games bring tomorrow or the day after? It's far from clear, to say the least. But for Chinese stocks Baidu (NASDAQ:BIDU), New Oriental Education (NYSE:EDU) and JD.com (NASDAQ:JD), the price charts are offering promising entries for investors willing to ignore headline threats in favor of risk-adjusted opportunities. Let me explain.They're pawns in a politically heated game where the rules of engagement are blurry at best. I'm referring to U.S.-listed Chinese stocks. As most investors are aware, the international trade war has negatively impacted the Asian giant's economy over the past couple of years and proven a foe for bullish investors in many of the country's largest companies.Diversified tech giant Alibaba Group (NYSE:BABA) and large-cap energy producer China Petroleum (NYSE:SNP) certainly haven't been immune. Since hitting highs in 2018, those titans of industry are off 20% and 37% respectively. And then there's a difficult 25% drop for the very popular iShares China Large-Cap ETF (NYSEARCA:FXI) market barometer.InvestorPlace - Stock Market News, Stock Advice & Trading TipsNow this political back-and-forth between the U.S. and China has added another layer of uncertainty to Chinese stocks. Over the past couple weeks, the President Donald Trump administration has hinted it's considering a forced delisting of publicly traded stocks domiciled in China. * Are These 10 High-Yielding S&P Dividend Stocks Traps or Treasures? To be clear, there is no clarity on how this politically driven move might play out -- or how it might even be accomplished. And many argue whether it's really in the U.S.' best interests to consider going down this road. Bottom line, though, away from the "will he or won't he" headlines driving volatile day-to-day price action in Chinese stocks, shares of BIDU, EDU and JD stock have caught our eye on the price charts. They are names which are in friendly positions for bulls and bears in the weeks and months ahead. Chinese Stocks: Baidu (BIDU)Known to many as China's answer to Alphabet (NASDAQ:GOOG, NASDAQ:GOOGL) due to its search business and broad reach in other technologies (like autonomous vehicles), BIDU stock is the first of our Chinese stocks to buy. Shares of Baidu have had a tough go due to company-specific issues over the last couple years. But many of those difficulties look to be in the rearview mirror after the company released its last earnings report.What's more, the pressure and price action add up to a below-the-market price multiple opportunity in a name still poised for growth.The price chart in BIDU stock also looks supportive for a turnaround in shares. The monthly view has Baidu stock setting up as an undercut variation of the classic double-bottom pattern. Combined with a "modest" failure of the closely watched 62% Fibonacci support, the possibility of a powerful intermediate low is raised in our technical assessment. The BIDU Stock TradeFor this Chinese stock, I'd suggest waiting for monthly chart confirmation of a pattern low. Waiting until a move above $116 looks like a solid buying strategy. That entry narrowly clears the high of the September pivot bottoming candlestick. This purchase also allows BIDU stock to reclaim the 62% level and should help drive additional buying pressure from bears positioned out of a smaller flag pattern.Along with our next two trade candidates, I'd also recommend a bull call spread in BIDU. It's a safer way to gain exposure in shares given today's volatile trading environment for Chinese stocks. New Oriental Education (EDU)New Oriental Education is another company to consider buying. EDU stock is well-known to growth investors and for good reason. Not only does this prep and online educational services outfit sport double-digit growth, after a significant 50%-plus correction in 2018 shares have been a rare bird within the universe of Chinese stocks as EDU continues to challenge fresh all-time-highs.Currently EDU is forming a tight triangle that's entering its third month of consolidation. With the pattern developing on either side of EDU's former highs, there's solid evidence this platform will lead to a breakout and another large rally into 2020. The EDU Stock TradeFor this Chinese stock, look to buy a slightly out-of-the-money intermediate-term bull call spread. But wait to see if EDU shares can stage a breakout above pattern resistance in the coming days or weeks. JD (JD)JD.com has been likened to Amazon (NASDAQ:AMZN) by many investors due to its online retail presence and growing logistics and services businesses. Technically speaking, JD stock is one which could be setting up for either bears or bulls.The monthly chart of this Chinese stock shows two head-and-shoulder patterns. The smaller formation played out well for bears as shares broke neckline support in 2018 and proceeded to tumble by roughly 40% before forming a triple bottom below $20. But the worst may be yet to come. A larger head-and-shoulders formation has developed over the entirety of JD stock's time as a publicly listed company. Ultimately, a breakdown beneath triple-bottom support would confirm a failure of the large pattern's neckline.Alternatively, with JD stock's right shoulder having formed a pivot high against the smaller neckline and 38% retracement level, a failure or upside breakout could be a huge buy signal for shares. A broken pattern can be powerful motivators for new money to come in. Then a bullish phase could begin. The JD Stock TradeWith shares stationed much closer to a pattern failure than confirmation, if JD can clear the August high of $32.28, a buy entry could be close at hand. Still, bears do have the benefit of the developing bearish head-and-shoulders formation. Either way, respecting the price chart to enter and exit and make any long or short positions a more ironclad proposition using JD stock's options market is advised.Investment accounts under Christopher Tyler's management do not currently own positions in securities mentioned in this article. The information offered is based upon Christopher Tyler's observations and strictly intended for educational purposes only; the use of which is the responsibility of the individual. For additional market insights and related musings, follow Chris on Twitter @Options_CAT and StockTwits. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 10 Best ETFs for 2019: The Race Is a Little More Gnarly Now * 7 Next-Generation Healthcare Stocks to Buy * Are These 10 High-Yielding S&P Dividend Stocks Traps or Treasures? The post Friend or Foe? 3 Chinese Large-Cap Stock Charts to Trade appeared first on InvestorPlace.

  • Here is Hedge Funds’ 27th Most Popular Stock Idea
    Insider Monkey

    Here is Hedge Funds’ 27th Most Popular Stock Idea

    Hedge funds and other investment firms run by legendary investors like Israel Englander, Jeffrey Talpins and Ray Dalio are entrusted to manage billions of dollars of accredited investors' money because they are without peer in the resources they use to identify the best investments for their chosen investment horizon. Moreover, they are more willing to […]

  • Here’s why China Petroleum & Chemical Corporation’s (HKG:386) Returns On Capital Matters So Much
    Simply Wall St.

    Here’s why China Petroleum & Chemical Corporation’s (HKG:386) Returns On Capital Matters So Much

    Today we'll evaluate China Petroleum & Chemical Corporation (HKG:386) to determine whether it could have potential...

  • Reuters

    Unipec resells U.S. crude oil to India, South Korea amid trade tensions: sources

    SINGAPORE/NEW DELHI (Reuters) - Unipec is reselling some U.S. crude oil meant for China to buyers in India and South Korea after Beijing imposed a tariff on U.S. oil amid escalating trade tensions with Washington, three sources with knowledge of the matter said on Thursday. Unipec, trading arm of Asia's top refiner China Petroleum & Chemical Corp, or Sinopec, is China's main importer of U.S. crude, but its imports have been disrupted after Beijing imposed a 5% tariff on U.S. crude from Sept. 1.

  • Dividend Investors: Don't Be Too Quick To Buy China Petroleum & Chemical Corporation (HKG:386) For Its Upcoming Dividend
    Simply Wall St.

    Dividend Investors: Don't Be Too Quick To Buy China Petroleum & Chemical Corporation (HKG:386) For Its Upcoming Dividend

    China Petroleum & Chemical Corporation (HKG:386) stock is about to trade ex-dividend in 3 days time. Investors can...

  • Trump Feeds Oil Markets False Hope
    Oilprice.com

    Trump Feeds Oil Markets False Hope

    Oil prices rallied slightly at the start of the week on the back of what many consider false hope of a trade war de-escalation and a thawing of tensions between the U.S. and Iran.