《大行報告》花旗一舉降中石化(00386.HK)評級至「沽售」 升中石油(00857.HK)至「中性」
花旗發表報告,一舉將中石化(00386.HK)股份評級由「買入」降至「沽售」,並降其2022至2024年盈測介乎6%至11%,目標價相應由5.5元大削至3.1元,相信集團目前股價未反映內地封城造成的影響,令其第二季煉油及銷售業務盈利更爲疲弱。而沙地阿拉伯石油官方銷售價(OSP)於今年4月及5月創新高,亦將導致中石化的毛利率下降。
該行同時將中石油(00857.HK)股份評級由「沽售」升至「中性」,並升其2022至2024年盈測介乎15%至59%,目標價由3.4元升至3.8元,指集團今年積極上調城市燃氣門站價格,推動其進口天然氣業務虧損收窄。
該行稱,近期中石化即使在基本面惡化下仍跑贏中石油,料受高股息驅動(全年股息率約14%)。花旗建議增持中石油並減持中石化,認爲由於燃料需求復甦緩慢及次季業績料疲弱,中石化股價在5月底除淨後表現估計會跑輸中石油。
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