《大行報告》瑞信下調中石化(00386.HK)目標價至6元 評級「跑贏大市」
瑞信發表報告指,近期新型冠狀病毒變種導致部分國家再次對部份地區局部封城,引起市場對石油需求復甦的憂慮,及勾起一年前需求受到破壞的回憶。不過,該行認為是次造成的破壞不會再如此嚴重,因各國政府現時意識到完全封城並不合理。
該行表示,中石化(00386.HK)目前的盈利勢頭強勁,每季產生的核心盈利約200億元人民幣,估計可令集團達到自2013年以來最佳的年度業績。但如果油價升至超過每桶80美元(非瑞信基礎情境),該行認為對中石化的壓力會明顯增加,因內地發改委有權延遲或取消國內汽油及柴油的價格上升。於2018年第四季當油價達每桶80美元時,中石化股價在一個月內回調了18%,三個月內回調了31%。
瑞信下調中石化股份目標價,由6.5元降至6元,維持「跑贏大市」評級。
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