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《大行報告》大摩上調中石化(00386.HK)目標價至3.91元 評級「與大市同步」
阿思達克 02-21 09:51
摩根士丹利發表報告指,預期中石化(00386.HK)去年第四季核心盈利表現乏力,因為油價下跌和下游需求疲軟,大多數細分市場的盈利可能按季下降,但相信表現仍勝於行業平均水平,這是受惠於液化天然氣(LNG)進口損失收窄和上游貢獻。該行預計,集團的息稅前利潤(EBIT)從每桶21美元降至12美元,料去年LNG進口損失約為35億元人民幣,較2021年的60億元人民幣收窄42%。該行將其目標價由3.84元上調至3.91元,評級為「與大市同步」。 該行表示,由於集團的自由現金流惡化,預計其去年派息比率將降低至約60%,意味著股息收益率約8.2%。總體而言,該行預計集團去年的核心盈利將按年下降約16%,其表現欠佳的下游業務,將被上游業務、庫存收益以及天然氣進口損失大幅減少所部分抵銷。
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