《大行報告》瑞銀降中石化(00386.HK)目標價至5.8元 評級「買入」
瑞銀發表報告表示,在三大中國石油股中將中石化(00386.HK)H股列為該行新的首選,相信其盈利增長會在2020年跑贏同業,這是建基於其下游業務主導的盈利,會較少受到油價持平的預期影響。另外,若中國及環球經濟前景惡化情況壞過預期,相信中石化的盈利表現將會較同業更有彈性。就催化劑而言,該行相信任何下游石油產品的基本面改善均將有利中石化。
該行指,中石化每股盈利增長表現自今年來受影響,主要是由於去年的基數較高、下游毛利率下降及油價下跌所致。該行預期每股盈利增長表現將會自今年第四季及明年上半年復甦,部分原因是煉油利潤率回升。
瑞銀預期中石化長遠股息會維持在每股0.3元人民幣,低於市場預期,但仍有7%收益率,意味2019至2023年的派息比率平均為62%。該行微降中石化目標價,由原來的5.9元下調至5.8元,維持其「買入」投資評級。
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