《大行報告》摩通下調中資三大油股目標價 中石油(00857.HK)評級降至「減持」
摩根大通發表報告指,在新型肺炎疫情過後逐步解除封城措施,中國的能源需求有所復甦,國內煉油毛利亦正在改善。在調整近期油價改善及高頻需求數據後,該行調整覆蓋研究的中資石油股的盈利預測及股份目標價。
該行表示,部分中資煉油商的盈利勢頭可見按季改善,預期中石化(00386.HK)具彈性的資本開支可支持其今年的自由現金流及派息,維持對集團的「增持」評級,但股份目標價由5.22元降至4.74元。
至於中海油(00883.HK)有良好的估值及中期風險回報吸引,並提供穩固的股息收益率,及與同業相比有具差異化的回報/產量增長,維持集團的「增持」評級,股份目標價由11.88元降至10.5元。
另外,摩通下調中石油(00857.HK)股份評級,由「中性」降至「減持」,目標價由3.09元降至2.1元。該行認為,雖然集團的天然氣銷量有恢復,但實現氣價並無改善,而且國家管網公司的進展有限。由於北方省份的新型肺炎個案有回升,以致相關營運有風險,集團的盈利或有更大的下行風險。
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