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大摩:予中石化煉化工程(2386.HK)增持評級 目標價4.6港元
格隆匯 08-24 14:15

摩根士丹利發表研究報告指出,中石化煉化工程(2386.HK)中期業績理想,訂單穩健增長,相信未來將可繼續交出亮麗成績及派息,而非傳統領域如環保節能業務,可望成為集團逆週期增長動力,予目標價4.6港元,評級為增持。

大摩報告指出,中石化煉化工程上半年營收及盈利均實現5%增長,中期純利12.6億人民幣,符合大摩預期,雖然面對新冠肺炎疫情,但集團的工程總承包營業溢利仍錄得可得可觀的增長。中石化煉化工程上半年新簽訂合同量約366億人民幣,按年增加10%,與其全年目標56億人民幣相符,而1078億人民幣的未完成合同量總值,將支持集團未來幾年穩步增長。

報告又説,中石化煉化工程中期股息按年增加5%至11.3分人民幣,派息率為40%,股息率為7.3%,相信其具韌性的盈利以及大量手持現金,可讓集團未來繼續慷慨派息。

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