美銀美林:降上石化(0338.HK)目標價至2.6港元 評級“跑輸大市”
美銀美林發表報告,料上石化(00338.HK)第三季税後利潤6億元人民幣,按年倒退47%,按季則增長14%。次季業務表現疲弱,該行料第三季石油產品銷售按季增長8%,惟受到煉油毛利下降、人民幣貶值、運費上升及對二甲苯及化工業務之毛利下降等因素抵銷。在石化業務之中,僅得苯為亮點,其毛利及銷售額皆大幅增長。該行料今年首九個月税後利潤按年倒退63%至17億元人民幣,並僅佔市場全年預測之58%。若果油價沒有顯着復甦,該行預期第四季業績持續疲弱。
該行降上石化今年税後利潤預測36%,並降2020年及2021年預測分別27%。重申“跑輸大市”評級,目標價自3港元下調至2.6港元。
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