光大證券:國家管網集團重組落地 中石化(0386.HK)價值得到提升
中國石油化工(0386.HK)對外披露,擬將油氣管道及配套設施等資產轉讓給國家管網集團。光大證券研報指,管網集團重組提升公司管道板塊盈利能力。管網集團重組交易完成後,中石化將總共獲得約526.55億元的現金對價,預計增加税前利潤365.94億元,能直接增厚當期EPS0.23元/股。而且,交易完成後公司整體的資產負債率將降低,財務狀況更加穩健,且標的資產估值提升也提升了公司整體價值。此外,由於公司管道相關業務資本支出約170億元/年,交易後公司資本開支也將有所降低,公司能進一步聚焦其核心業務,提升整體競爭力。預計公司20-22年EPS分別為0.30、0.51、0.55元/股。維持A股和H股“買入”評級。

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