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《大行報告》瑞銀降中石油(00857.HK)評級「中性」 目標價下調至3.3元
阿思達克 03-09 10:15
瑞銀發表研報指,中石油(00857.HK)在過去約5至6個月內持續創約15年新低位,但難以判斷投資者是否已考慮所有負面因素,指其石油生產成本較高,在現時油價溫和環境下資本回報率及股息率均較同行低,相信若投資者再計及股息低的因素,其股價仍有繼續下跌的空間。報告指,受新型肺炎疫情影響,令內地監管不確定性增加,例如發改委提早削減天然氣價格,國家管道公司發展計劃亦有可能進一步推遲,反映中國對能源需求大減,石油產品庫存預期亦將達到歷史高位,料要等到中國及其他國家經濟活動出現回暖跡象,油企業務才能回復正常。該行表示,油價及天然氣需求的不確定性令投資者採取保守態度,將2020年度每股盈利預測下調16%,假設每股資產淨值折讓40%,提煉及化工業務EBITDA減少導致該行下遊業務企業價值倍數(EV/EBITDA)預測也下調至4-6倍,並將目標價由4.5元降至3.3元,評級降至「中性」。(gc/)~
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