《大行報告》花旗:內地出台降低非居民用氣成本措施 利淡中石油(00857.HK)
花旗發表報告指,中國發改委日前宣布階段性降低非居民用氣成本,鼓勵提前實行淡季價格政策,以降低企業用氣成本,料有損中石油(00857.HK)今年淨利潤,但屬該行預期之內,估計對中海油(00883.HK)及中石化(00386.HK)則影響不大。
該行表示,早在當局出台措施前,浙江省等地已出台削減零售汽油價格等措施,以幫助中小企相信最終削減天然氣價格指日可待,相信中石油今年天然氣售價格將至少按年下降2.3%,拖累今年度淨利潤或少賺47億元人民幣;由於業務影響較少,對中石化今年盈利或有2%至3%影響。
報告指出,實行淡季價格政策對中石油無疑是個壞消息,但鑑於其估值現時已處於新低,股價水平為今年市帳率的0.5倍,認為股價進一步下跌的空間有限;同時中石化下游需求疲軟及庫存增加,將無可避免要為其石油和化工產品提供更多折扣,令其成為行業中最不受歡迎的股份,目前花旗取態為傾向選擇中海油>中石油>中石化。
股份│投資評級│目標價(港元)
中海油(00883.HK)│買入│14.4元
中石油(00857.HK)│買入│4.5元
中石化(00386.HK)│中性│4.2元
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