《大行報告》高盛降中石化(00386.HK)評級至「沽售」 目標價下調至3.2元
高盛發表研究報告指,雖然庫存收益及上游盈利存在潛在提升空間,但根據該行團隊分析,當油價升至每桶100美元以上時,中石化(00386.HK)的綜合盈利將下降,因為監管機構對石油產品價格有上限規定,及石化利潤率都將下跌。
該行表示,考慮到已將今年下半年及明年布蘭特原油價格預測上調至每桶135美元及125美元,相應將中石化2022至2024年EBITDA預測分別下調4%、8%及3%,並將評級下調至「沽售」,目標價由4元降至3.2元。
高盛預期,中石化的煉油及營銷面臨著激烈競爭,相信競爭將持續,估計中石化自由現金流收益率可能會相對疲弱,可能對派息率帶來下行風險。
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