《大行報告》大和升中石油(00857.HK)評級至「跑贏大市」目標價上調至3.2元
大和發表研究報告,指在美國總統特朗普指減產1,000萬至1,500萬桶,及油組國+即將舉行會議,預期石油價格戰的風險減卻,該行決定上調對中石油(00857.HK)評級,由「持有」升至「跑贏大市」,目標價由2.55升至3.2元,並維持2020及2021年布蘭特油價預期在分別35美元及47美元。
該行指,對中石油煉油和化工業務看法更趨正面,預期今年分部EBIT可有1倍增長,同時亦看好其市場和管道業務分部。
該行表示,上調折讓、消耗、攤銷成本至15%(原先預測6%),管理層正計劃將不符合經濟化的油田抽離儲備,並委託第三方人調研。預期勘探與生產分部的EBIT會錄負數,並相信公司會降30%的資本開支。
大和稱,降中石油今年每股盈利預期28%,但升明年5%,以反映煉油和化工利潤提升,亦看好其分拆管道業務可成第四季的催化劑。
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