花旗降中石化炼化(2386.HK)目标价至9.5港元重申“买入”评级
花旗发表的研究报告指,中石化炼化工程(2386.HK)
上半年盈利按年升8%至12亿元(人民币,下同)逊预期,撇除
汇率影响核心盈利按年增5%至12亿元,期内收入则按年增长24%至227亿元,高于市场对其2019财年收入增长预测。期内整体毛利率企稳在10.5%,但EBIT利润率则收窄85个基点至5.1%,主要由于一般及行政开支增加29%,而研发开支亦按年增65%。公司宣派中期息每股0.108元,派息比率
约四成与去年同期相近。
该行指出公司次季新增订单增长复苏,受高基数影响上半年新增订单跌6%至330亿元,占2019财年目标约六成,当中第二季度新增订单按年急增68%,而截至六月底,积压的订单达1050亿元,较去年底增长11%,管理层有信心可达全年新增订单550亿元的目标。
该行指中石化(0386.HK)
提出要在2020年或以前建立四个国际级炼化及化工基地,总投资规模达2000亿元,相信中石化炼化可成重要得益者。该行将公司目标价由10港元降至9.5港元,并将2019-21年核心盈利预测削减10%,重申“
买入
”评级。
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