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《大行報告》瑞信料中石油及中石化短期股價受壓 估計中石油今年業績深度「見紅」
阿思達克 05-04 11:31
瑞信發表報告表示,中資石油股上周相繼公布首季業績,指最終業績與原先預期的錄得該行業有史以來最大差距,指中石化(00386.HK)及中石油(00857.HK)首季業績遜預期,而中海油田服務(02883.HK)則勝預期,該行指中石化及中石油首季各錄得虧損191億及162億人民幣,創上市有紀錄以來最高水平。

該行,中石化及中石油短期股價將會受壓,因料市場同業在其公布季績後將會下調盈利預測,但料或不會再低於3月時期股價低位。基於國際油價下行,該行估計中石油今年或會深度「見紅」,料第二季業績難明顯復甦,因上游勘探與開採業務會錄得巨額虧損。而管理層亦下調今年資本開支至按年跌30%(原先指引為按年持平至2,950億人民幣),予其「中性」投資評級及目標價3元。

至於中海油(00883.HK)方面,瑞信指中海油管理層亦下調原先今年資本開支預測10%、產量3%,以回應國際油價低企的最新環境,公司今年產量目標按年持平至升2%(原先升3%至5%),予其「跑輸大市」投資評級及目標價6.8元。

至於中石化方面,該行估計公司首季業績或已錄最懷情況,隨著新冠疫情緩和,料公司第二季業績可見改善,指目前營運比率已回復至疫情之前水平,煉油業務運行率為85%(對比2月份70%),予其「中性」投資評級及目標價4.2元。(wl/k)

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