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《大行報告》瑞信降中石化(00386.HK)評級至「中性」 下調目標價至4.7元
瑞信發表報告指,以往曾強調油價處每桶60至70美元,爲中石化(00386.HK)的最受惠的油價區間,現時油價已突破區間,並上升至近每桶80美元,相信集團暴露的風險將以倍數增加。該行降中石化股份評級,由「跑贏大市」降至「中性」,目標價由6元下調至4.7元

該行表示,中石化在下半年有兩個主要挑戰,包括若油價升至超過每桶80美元,內地發改委會因防止通脹而延遲/取消汽油及桌油的銷售價上升,煉油業務需要面對毛利受壓。至於化工業務由於亞洲石油化工品價差開始下跌,集團該業務的盈利預期正常化,會令其下半年盈利前景有下行風險。

瑞信調低對中石化2021年至2023年每股盈利預測3%至6%,預期集團今年第二季的盈利會是今次上升週期的季度高峯。

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