《大行報告》瑞銀升中石油(00857.HK)評級至「中性」 目標價上調至2.9元
瑞銀發表報告指,對中石油(00857.HK)的主要憂慮為其股息可能令人失望,使股價在油價下行周期的支持有限。在2015年至2016年的下行周期,集團派息疲弱,股息收益率為1%至2%。
該行又相信,由於需達到保障國家能源安全的目標,中石油出售管道資產獲得的現金,被資本支出吸收的風險較預期更大。然而,瑞銀認為集團今年上半年派息有驚喜,年化股息收益率達7%,高於亞洲同業,此或有助減輕投資者對其資本配置的擔憂,可能有助限制股價下跌的風險,但股息的長期持續性仍是風險。
瑞銀上調中石油股份評級,由「沽售」升至「中性」,目標價由2.6元上調至2.9元,並上調集團明年至2023年每股盈利預測分別77%、24%及19%,以反映盈利接近收支平衡水平及經營槓桿高。
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