《大行报告》瑞信上调上石化(00338.HK)目标价至1.9元 评级「中性」
瑞信发表研报指,上石化(00338.HK)日前发布业绩预告,预期2020财年初步业绩净利润录约6.3亿元人民币,按年跌71%,但扭转首三季净亏损约6.4亿元人民币的局面,好过市场预期。
该行解释,主要由於中国需求回升强劲及石化利润率提高所支持,令去年第四季度净利润按年同比增长约136%,带动全年业绩增长,预期随着中国经济复苏,下游需求回复至疫情前水平,季内利用率达到满荷,原油加工成本回落。
瑞信预计,石化业务利润率将在今年基本维持不变,疫苗广泛接种亦利好行业前景,将2021至2022年每股盈利预测上调120%至156%,目标价由1.6元上调至1.9元,反映约0.6倍市帐率,维持「中性」评级。
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