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大行評級|大摩:中石化第三季業績受庫存損失和對沖虧損拖累 目標價為5.63港元
摩根士丹利發表報吿指出,中石化第三季業績不及預期,淨利潤按年跌55%至80億元,按季亦跌56%,大幅低過該行及市場預期,主要受累於庫存損失和對沖虧損。該行認為,中石化季內上游業務表現符合該行預期,天然氣實現價格可能按年及按季均錄增長。下游業務方面,煉油和銷售分部可能受約60億元的庫存損失拖累。化工分部方面,經營虧損按季增長8%,與行業趨勢一致。至於企業及其他業務對盈利的負面影響最大,該分部的EBIT轉為虧損23億元,相對於第二季為盈利26億元,主要由於聯合石化所產生的對沖虧損所致。該行對中石化目標價為5.63港元,評級“與大市同步”。
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