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花旗下调上石化(0338.HK)目标价至4.3港元评级“买入”
格隆汇 07-25 15:31

花旗发表报告表示,预期上石化(00338.HK)上半年纯利按年下跌66%至大约12亿元人民币(下同),相当于证券同业对其全年预测约30%。由于化学品业务出现进一步下行,而炼油业务的复苏受限,该行认为上石化第二季业绩仅看到有限度的回升,决定将其2019至2021财年的每股盈利预测分别下调20%、11%及21%,各至0.28、0.38及0.28元人民币,以反映炼油贡献较低及化工业务重估因素。

该行表示,维持上石化“买入”投资评级,将目标价由原来的4.5港元调低至4.3港元,此相当预测2020年账面值1.2倍,并认为其目前估值(相当股价对账面值0.8倍)已低过历史水平,其净现金及收益率的下行空间有限。

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