《大行报告》汇丰研究降中石化(00386.HK)目标价至3.9元 评级「持有」
汇丰环球研究发表报告指,中石化(00386.HK)公布计划以作价1,227亿元人民币向国家管网公司出售四组资产,作价中700亿元人民币以管网公司股份支付,其余527亿元人民币为现金支付。
汇丰表示,是次交易的资产较该行预期的更大,有关资产估值864亿元人民币,而去年产生的盈利为106亿元人民币,占中石化去年全年业绩15%,预期集团是次出售将录收益362亿元人民币。
该行下调中石化H股目标价,由4.25元降至3.9元,评级维持「中性」,并下调今明两年盈利预测,以反映下游业务的毛利率疲弱,其中内地市场的炼油销售和化工毛利持续受压。最新预期集团今年将亏损13.9亿元人民币,明年则录盈利151亿元人民币。
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