花旗维持中石化(0386.HK)“买入”评级目标价6.8港元
花旗发表报告指,中石化(0386.HK)
次季盈利按季增长8%至170亿元人民币,略胜预期。下游业务弱势持续,惟受到实现较好的油价等正面因素所抵销。次季炼油业务仍弱,为8月至9月官方油价已见好转,不过该行预期化工业务亦会维持现时弱势。
该行维持中石化“
买入
”评级,目标价6.8港元,相信受惠国际海事组织新例(IMO2020),上半年业务已见底,下半年会开始反弹(尤其炼油业务)。中期派息0.12元人民币,派息比率
45%(2018年同期46%),料9%股息回报能够为股价提供支持。
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