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《大行報告》瑞銀下調中石化(00386.HK)目標價至4.6元 評級「買入」
阿思達克 09-21 10:22
瑞銀發表研究報告指,中石化(00386.HK)H股年初至今股價上升10%,跑贏同期下跌12%的恆指,認為在國際油價上升的大環境下,中石化現時表現仍跑輸大市。根據該行估算,中石化現價對應布蘭特期油每桶50美元的低位,預期市場可能計及該公司下游煉油風險、以及化工業務及營銷利潤可能令人失望等因素。 瑞銀將中石化2021至2023年每股盈利預測上調4%、7%及6%,至0.53、0.53及0.47元人民幣,同時將布油今明兩年價格預測上調至每桶67.5及68.5美元。 該行表示,由於年初至今油價大幅上漲所帶來的庫存增加,相應上調今年煉油業務盈利,同時較保守地認為,如果油價放緩,庫存損失或會對2022至2023年的煉油業務利潤產生負面影響,將目標價由4.9元降至4.6元。 中石化的股價已自2月份的高位回落15%,基於可持續股息收益率超過9%,瑞銀認為H股仍具有吸引力,長期前景預期未變,給予「買入」評級。
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