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標普:中石油(0857.HK)業績正走出低谷 料今年股息持平
格隆匯 09-01 16:12

標普全球評級發報告指,隨着中國的石油需求恢復到疫情前水平,加上油價企穩,認為中國石油(0857.HK)的財務業績正在走出谷底

中石油股上週公佈中期業績,上半年盈轉虧,錄虧損299.83億元(人民幣,下同),去年同期錄純利284.23億元,每股虧損0.164元。標普報告指,中石油上半年的息税及折舊攤銷前利潤(EBITDA)為1200億元,略高於該機構對中石油集團全年EBITDA 2200億元預估的50%。

報告指,儘管經營性現金流下滑,但中石油亦提高中期股息,因預期將從管線資產剝離中獲得收益。對國家石油天然氣管網集團有限公司出售資產的交易將於9月30日完成,預計此交易的税前收益為460億元。標普目前假設中石油今年的股息將按年持平。

報告假設今年下半年布蘭特原油價格為每桶30美元。若油價保持在當前每桶40美元的價格上方,則中石油集團的債務對EBITDA比率可能會低於觸發標普下調評級的水平2倍。其面臨的重大風險包括疫情長期持續以及原油供應增加,可能造成油價受打壓。

報告又提到,中國石油將增加地熱、風能、太陽能和氫能源等新能源領域的投資。此舉是為了實現其到2050年碳排放淨零的目標。該公司正在制訂其十四五規劃,並將對新能源的投資從當前每年10-20億元提高至30-50億元。若一切依計劃進行,投資額可能增至100億元。中國石油還將在新能源業務方面尋求合資或合作機會。不過,在公司的資本支出中油氣業務仍將佔大部分比重。

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