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大摩:下調中石化煉化(2386.HK)目標價至4.6港元 評級“增持”
格隆匯 04-22 11:18

大摩發佈報告稱,下調中石化煉化工程(2386.HK)目標價29.2%,由6.5港元調低至4.6港元,維持“增持”評級。

大摩認為,目前積壓的訂單及中國石油化工(0386.HK)的資本開支計劃令中煉化2020至2021年盈利增長有保證。今年首季,雖然受公共衞生事件影響,集團仍取得160億元人民幣的新訂單,佔其往年目標565億元人民幣的28.5%,而積壓訂單達1010億元人民幣,為去年收入的1.9倍。

今年是“十三五”的最後一年,但相信產能升級仍會帶來大量機會。由於油價下跌,大摩看到石腦油的化工項目尤其是大型綜合項目,有潛在增長空間。

該股現價相當於2020年預測市盈率5.9倍,2013年以來的歷史平均水平為13.1倍;現價相當於2020年預測市帳率0.5倍,股本回報率8.7%,歷史平均水平分別為1.1倍及9.6%。因此,大摩認為中煉化明顯被低估。

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