《大行報告》匯豐研究下調中石油(00857.HK)目標價至6.5元 上半年業績勝預期
匯豐研究發表報告,指即使原油價格走低,中石油(00857.HK)中期業績勝預期,受惠於產量及銷量上升,以及成本控制。中石油宣派中期息21分人民幣,按年升4%,意味派息比率45%,符合其長期指引,及不受油價影響的多年韌力。該行維持對中石油正面看法,在強勁自由現金流、低槓桿及充裕現金結餘下,對股東回報有上行風險。即使本年至今股價累升不少,但估值仍吸引,予其H股目標價由6.7元降至6.5元,評級「買入」。
報告引述中石油在8月31日分析員會議上,重申有可能回購股份,惟未有提供時間表或具體擬回購金額。此外,中期自由現金流1,370億元人民幣,足以覆蓋中期派息380億元人民幣有餘,意味全年度派息比率有望自其45%指引上行,該行估計今年中石油派息比率或高達52%。
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