《大行報告》大摩上調三大中資油股盈測 首選中石油(00857.HK)
摩根士丹利發表研究報告指,考慮到第三季油價高於預期,相應地上調「三桶油」盈利預測,假設第四季度布蘭特原油均價由目前的每桶約90美元降至85美元,市場對三大中資石油股今年盈利預測將上調5%至7%。
該行指出,三大油企今年上半年勘探與生產表現出色,而成本控制良好,預期趨勢將在油價上升和人民幣貶值的情況下持續,但由於油企暴利稅上升,預計總成本亦將輕微上升。
大摩預期中石油(00857.HK)及中石化(00386.HK)的煉油業務利潤率將在第三季出現按季改善;至於石化產品方面,考慮到利潤率復甦步伐較溫和,因此大摩預期中石油及中石化石化產品業務的盈利只會按季溫和上升。
摩根士丹利同時預期,今年第四季油企將錄得較重大的資產減值損失,導致盈利出現按季下跌。該行首選為中石油,給予「增持」評級,目標價為7元,將其今年盈利預測上調2%,2024至2025年度更分別上調8%及10%。
因應油價預期調整,該行將中石化今明兩年盈利預測上調10%及5%,維持「與大市同步」評級,目標價4.32元。由於中海油(00883.HK)的盈利主要受到油價水平影響,因此將今明兩年盈利預測上調4%及8%,維持「增持」評級,目標價16.1元。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of this article is for reference only. It does not constitute an offer, solicitation, recommendation, opinion or guarantee of any securities, financial products or instruments.The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance.