Generous Dividend
- Record profit – at a 10-year high – on the back of high oil prices and refining margins
- Generous final divided of Rmb0.31 a big surprise, translates to ~15% yield
- Capex to increase by 18% y-o-y to Rmb198bn, largely for Upstream and Chemical segments
- Valuation remains undemanding at 0.5x PB; Reiterate BUY; TP adjusted slightly to HKS$5.30 following earnings revision