《大行報告》瑞信下調上石化(00338.HK)目標價至1.6元 評級降至「跑輸大市」
瑞信發表報告表示,相信新型冠狀病毒爆發會減低市場需求,從而拖低上石化(00338.HK)產能使用率,因此該行將其今年產能使用率預測由90%下調至85%,更預期今年首季盈利會進一步下行。
報告補充,石化產品可能較精煉產品受到更大的打擊,主因石化產品的平均售價完全取決於供需,而精煉產品則全部根據國家發改委定價機制出售給中國石化(00386.HK)營銷,有一定毛利率保證。
該行表示,即使沒有冠狀病毒爆發,亦認為國內下游供求平衡可能難以實現。該行下調上石化2020年2021度盈利預測分別21.4%及5.2%,以反映產能使用率及毛利率下調的預期,目標價相應由2.4元降至1.6元,且評級由「中性」降至「跑輸大市」。
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