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一文綜合大行於中石化(00386.HK)公布業績後最新目標價及觀點
阿思達克 08-30 11:14
中石化(00386.HK)今早股價造好,盤中曾高見3.65元一度上揚3.4%。摩根大通表示,預期市場對中石化業績反應正面,指公司次季純利高於早前盈喜所列範圍,中期純利相等於市場全年預測的64%,部分受益於次季高於預期的庫存收益、核心煉油及石化盈利維持強勁,並見市場對集團全年業績預測有上調可能。該行維持對中石化「增持」評級及目標價5.5元。 中石化周日晚公布今年中期業績,營業額按年升22%至12,616.03億元人民幣,虧轉盈賺399.54億元人民幣,上年同期蝕218.44億元人民幣;每股盈利0.33元人民幣。派每股中期息0.16元人民幣,上年同期派0.07元人民幣。期內經營收益581.09億元人民幣,去年同期經營虧損216.59億元人民幣。外銷原油、天然氣及其他上游產品營業收入按年升41%;煉油事業部和營銷及分銷事業部對外銷售石油產品實現對外銷售收入按年升26%,化工產品對外銷售收入按年升33%,實現油氣當量產量按年升4%至2.35億桶。公司今年上半年資本支出579.41億元人民幣,勘探及開發板塊資本支出239.65億元人民幣,下半年公司初步計劃資本支出1,092.59億元人民幣。 【業績優預期 石化盈利強】 摩根士丹利指,中石化中期派息相等於48%派息率,高於2017至2019年間的45%,相等於年化股息卒11%。該行又指,中石化管理層下調全年本土產油銷量預測指引約7%,相信反映近期內地新冠疫情影響。據經修訂指引,集團預期公司今年下半年本在土產油銷量較今年上半年升3%。該行維持對中石化「增持」評級及5.3元目標價。 美銀證券預期,中石化勘探及開採盈利能力將提升,受惠需求推升天然氣均價及總量,但下游盈利能力或收窄,基於在內地需求放緩下產能快速擴張。該行維持對中石化「中性」評級及目標價5元。而瑞信指,中石化次季大部分下游業務均出現按季倒退,勘探及開採除息稅前溢利(EBIT)按季上升僅能作部分彌補。該行稱,早於六月便指出中石化盈利或已於是次周期中見頂。新冠疫情將為現季度盈利帶來短期風險,並限制股價上行空間。該行維持對中石化「中性」評級及目標價4.2元。 ----------------------------------------------- 本網最新綜合5間券商對其投資評級及目標價: 券商│投資評級│目標價(港元) 摩根大通│增持│5.5元 摩根士丹利│增持│5.3元 美銀證券│中性│5元 瑞銀│買入│4.9元 瑞信│中性│4.2元 券商│觀點 摩根大通│次季業績勝預期,純利高於早前公布預期 摩根士丹利│中期業績略勝盈喜,股息率吸引 美銀證券│下半年煉油及石化毛利轉弱 瑞銀│次季業績優於盈喜指引,指股價已調整過度及估值吸引 瑞信│次季核心盈利按季改善情況遜於中石油,料推動市場重新評估預期
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