《大行報告》瑞信一舉升中石化冠德(00934.HK)評級至「跑贏大市」 目標價上調至6.3元
瑞信發表報告指,中石化冠德(00934.HK)宣布向國家管網公司出售榆濟管道全部股權,為國家管網公司首次正式公布的交易,開始了屬中國油氣行業長期存在問題的分拆過程。
該行表示,交易作價為32億元人民幣,意味市賬率為1.4倍,市盈率為18.6倍,較預期正面。是次交易意義在於估值是按市場定價,而不是約1倍的市賬率底價計算,且為全現金交易。
瑞信上調中石化冠德股份評級,由「跑輸大市」一舉升至「跑贏大市」,目標價由2.5元上調至6.3元。該行認為,全現金交易將為集團提供充足資金,可能會通過派息等方式提高其股東回報,並擴大其現有業務。集團估計,此次出售將錄9.66億元人民幣的稅前純利。
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