大行評級|美銀:維持中石油“買入”評級 首季業績強勁
美銀證券發表報吿指,中石油首季業績強勁,當中天然氣銷售板塊錄盈利123億元,按年增22%,主因國內天然氣平均銷售價格上升4%,氣價上升為驚喜且銷售量較去年同期增長8%;此外,天然氣進口虧損由上年同期24億元收窄至10億元。該行認為,中石油的天然氣業務將維持其獲利勢頭,因中石油與城市燃氣公司之間的2024/2025年長期合約中,天然氣的平均銷售價格較高;國內天然氣產量增長可觀(目標約5%-8%),成本具有競爭力;在較低的現貨天然氣價格下,進口天然氣業務有所改善。
該行續稱,集團首季經營現金流達到1,111億元,維持穩固水平,有利於支持其分紅政策。同時,首季資本支出達到560億元,按年增10%,相等於2024年預算的22%。基於油價和天然氣增長支持穩定盈利,加上估值具吸引力,股息收益率高達7%,及在2024年6月之前,資本管理行動計劃潛在的上行驚喜,該行維持其“買入”評級,目標價9港元。
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