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大行評級|大摩:下調中石化目標價至5港元 下調2024至26財年盈測
摩根士丹利發表研究報吿指,考慮到中石化2024財年首季業績表現,決定將其2024至2026財年淨利潤預測,分別下調4%、7%、6%。主要基於該行削減中石化勘探及生產業務息税前利潤(EBIT),以考慮天然氣價格按年下跌的情況;以及削減煉油板塊EBIT,以反映原油價格高企的影響。大摩料中石化的下游業務或會持續疲弱,不過同時認為相關業務已被市場消化。而且下游資本支出已經見頂,公司於中期或會更嚴格增加產能。同一時間,該行認為中石化盈利及派息比率的波動性低於同業,而且在股東回報最大化方面亦擁有良好記錄。綜合上述因素,大摩將中石化目標價由5.21港元下調至5港元,予以“增持”評級。
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