《大行報告》瑞信下調上石化(00338.HK)目標價至1.4元 首季業績遜預期
瑞信發表報告指,上石化(00338.HK)今年首季業績較預期疲弱,按年由盈轉虧,錄12億元人民幣的虧損,主要是由於新型肺炎疫情導致需求破壞及庫存損失。
該行表示,因購買原油有15日至20日的滯後時間,加上運輸成本增加,雖然首季油價下跌20%,但集團的原油加工成本仍按年上升9%。而油價在3月開始進一步走低,相信有助減輕集團第二季的加工成本。
瑞信下調上石化股份目標價,由1.5元降至1.4元,評級維持「跑輸大市」,並下調集團今年至2022年的每股盈測16%至83%,以反映首季盈利遜預期。該行認為,集團首季盈利料為此下行周期的底部,預期第二季開始將會見持續改善。
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