大和:升中石油(0857.HK)目標價至5.75港元 升評級至“買入”
大和總研發表研究報告指,中石油(0857.HK)勘探與生產(E&P)業務被低估,由於市場對分拆的擔憂,估值被過分調整。該行上調中石油投資評級,由“優於大市”升至“買入”,目標價由4.8港元,上調19.79%至5.75港元。
大和表示,市場憂慮國家石油公司成立會影響中石油的營運資金流(OCF)及自由現金流(FCF),但相信當NOC成立後,當中的憂慮會消退。該行又指,雖然分拆或會令自由現金流有短期的影響,但相信長期會得到重估。
為反映該行早前調低中石油煉油毛利率、油價及化學品價格的預測,該行下調其2019-2021年每股盈利預測3-8%。
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