《大行报告》瑞信下调中石化(00386.HK)目标价至4.3元 维持「中性」评级
瑞信发表报告,预期中资石油企业去年的盈利趋势将会出现差异,中海油(00883.HK)及中海油田服务(02883.HK)的表现料将优於预期,料中石化(00386.HK)及中石油(00857.HK)将逊於预期。该行认为,相对於业绩表现,中资石油股管理层对今年首季的指引或更可能成为近期行业股价的催化剂,而企业公布去年业绩後,料市场或将重设对行业今年的预测。瑞信预期,中石化去年纯利将按年下跌10%至560亿元人民币,意味去年第四季盈利为110亿元人民币,由2018年第四季的低基数按年上升7.6倍,但按季计则下跌8%。另外,该行预期中石化去年全年每股派息0.28元人民币,派息比率由83%降至60%,股息收益率为8%。该行下调对中石化股份目标价,由4.5元降至4.3元,维持「中性」评级,并下调集团2019年至2021年的每股盈利预测1%至7%,以反映预测模式的更新。瑞信认为,市场关注计及新型肺炎影响後中石化对今年首季的指引,由於需求中断,预期集团的盈利按年及按季将出现显着下跌。
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