《大行報告》大和下調中石油(00857.HK)目標價至2.5元 評級「跑贏大市」
大和發表研究報告,指出中石油(00857.HK)的煉油與化工及營銷部門的EBIT在第三季回復至正增長。管理層指,與同業不同,公司是以滾動平均值為基礎計算存貨價值。從其第三季的EBIT表現來看,該行相信因為油價大幅下跌已導致的大部分庫存損失,已在上半年於煉油與化工及營銷部門入帳。該行亦同意管理層的評論,由於目前全球石油價格疲弱,此兩個部門的EBIT表現會在今年第四季至明年上半年看到進一步的按年及按季改善。
另外,管理層解釋,第三季的油氣總產量按季下跌9%主要是因為某些國內氣田的維護及海外油氣項目暫停所致。隨著第四季的國內天然氣項目恢復,管理層料天然氣產量將按年增長5%至6%,符合公司首季的指引。
該行指,雖然今年首九個月的資本開支僅按年減少7.8%,但公司仍有信心今年的資本開支按年減少22%至25%,符合早前的指引。該行重申公司「跑贏大市」投資評級,目標價由原來的3.2元下調至2.5元。
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