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《大行報告》里昂降中石化(00386.HK)目標價至7元維持「買入」評級
阿思達克 07-23 10:59

里昂發表報告表示,中石化(00386.HK)估值吸引,但問題在於股份是否具好的價值抑或是陷阱。該行指出大部分投資者在石化板塊下行時都不急於入市,但考慮到下半年盈利或復甦、產能增長、現金流及股息率良好等,認為風險回報現時傾向上行方面,重申對其「買入」評級,但稍降其目標價,由7.4元降至7元,此相當預測2019年至2020年綜合市盈率11.5倍。

該行指出,中石化旗下煉油業務周期或慢慢步入尾聲,而國際海事組織收緊對硫水平要求,短期或帶來機遇,而燃料要求收緊對中石化而言亦有利。另外,中國計劃於2019-21年增加每日300萬桶的新蒸餾產能,而硫化燃料將繼續推動中國煉化產品出口提升,商務部早前公布第二批2,850萬噸配額,較首批多33%,相信中石化可受惠出口配額提升,公司亦計劃將今年出口提升12%。

該行指出受中美貿易不確定性影響,亞洲石化市場需求增長或有限,而公司上半年淨利亦料會按年下跌33%至283億元人民幣,主要是受下游及市場業務弱過預期所拖累。~

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