You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
大摩:油價走低帶動需求 將中石化(0386.HK)升級至“增持”
格隆匯 03-20 15:50

摩根士丹利發表研究報告,上調中國石化(0386.HK)H股評級至增持,並下調中國石油(0857.HK)H股目標價至2.49港元,以反映原油價格走低的預期。

研究報告指出,由於中國石化70%的盈利都來自於煉化和銷售業務,如果國際油價維持在每桶30-40美元,公司的股價表現將跑贏其他股票。中國在國際油價低於每桶40美元時不調整成品油價格,意味著煉化利潤將維持穩定,且成品油價格整體走低對需求提升有正面影響,預計中國石化的銷售子公司將維持穩定盈利,受益於需求回暖。

如果國際油價維持每桶在30-40美元,中國海洋石油(0883.HK)的盈利會面臨較大下行風險,但如果油價在下半年反彈至50美元的水平,中海油將在中國三大石油巨頭中最具優勢。

Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
uSMART
Wealth Growth Made Easy
Open Account