《大行報告》花旗下調上石化(00338.HK)目標價至4.3元評級「買入」
花旗發表報告表示,預期上石化(00338.HK)上半年純利按年下跌66%至大約12億元人民幣(下同),相當於證券同業對其全年預測約30%。由於化學品業務出現進一步下行,而煉油業務的復甦受限,該行認為上石化第二季業績僅看到有限度的回升,決定將其2019至2021財年的每股盈利預測分別下調20%、11%及21%,各至0.28、0.38及0.28元人民幣,以反映煉油貢獻較低及化工業務重估因素。
該行表示,維持上石化「買入」投資評級,將目標價由原來的4.5元調低至4.3元,此相當預測2020年賬面值1.2倍,並認為其目前估值(相當股價對賬面值0.8倍)已低過歷史水平,其淨現金及收益率的下行空間有限。
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