《大行报告》摩通降中石化炼化(02386.HK)目标价至5.4元 反映订单前景放缓
摩根大通发表报告示,过去一年受中国经济放缓拖累,能源需求疲弱,国际原油价格自1月初以来更下跌15%,令中石化炼化(02386.HK)与其他同业一样,股价表现跑输大市,因此下调其今年订单及盈利预测。
该行表示,受经济形势及疫情影响,中石化炼化将削减资本支出,因此将其2019-2021年盈利预测下调5%,估计2020至2021财年新订单将按年跌5%及2.4%,加上原材料成本可能因疫情影响而上升,导致毛利率或有所受压。
惟该行指出,中石化炼化管理层在电话会议中强调,将提升股东回报以弥补近期的股价疲软,考虑到其派息率多年维持稳定,现时股价水平为2020年市盈率约5.7倍,今年股息率约为7%,估值及派息吸引,因此下调目标价,由8.1元降至5.4元,较现价仍有约25%上行空间,维持「增持」评级。(gc/w)~
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