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美銀證券:降中石化(0386.HK)評級至“中性” 目標價下調至5.4港元
格隆匯 01-13 13:59
美銀證券發表報告表示,下調中石化(0386.HK) 的2019年至2021年盈利預測分別15%、4%及6%,以反映對集團下游業務的審慎看法。該行又調低對中石化股份評級,由“ 買入 ”降至“ 中性 ”,目標價亦由6.4港元降至5.4港元,此按綜合方式作估值。
該行預期,中石化旗下煉油及銷售業務在今年將繼續疲弱,主要由於集團的大型煉油產能增加,特別是恆力和浙江石化等大型項目一旦開始運營,將導致更嚴重的產能過盛。而輕重油差價收窄,會降低中資綜合型煉油企業的競爭力,加上中東局勢緊張,及美國對中國部分運油輪的制裁導致運輸成本上漲。
美銀證券認為,若中東緊張局勢升級,中資煉油行業的盈利可能面臨下行風險,因會進一步推動運輸成本及重油價格上升。

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