《大行報告》瑞信下調中石化冠德(00934.HK)目標價至3元 評級「中性」
瑞信發表報告指,中石化冠德(00934.HK)上半年的業績與該行及市場預期基本一致,核心淨利潤6.74億元,按年增長26%。海外儲油業務持續改善,主要因為租金上漲和高出租率推動。不過該行認為,在高油價環境下,倉儲業務在維持高出租率方面可能會面臨挑戰。目標價由3.1元下調至3元,維持評級「中性」。
瑞信指,上半年原油碼頭EBIT按年增長7%至1.48億元,而吞吐量按年下降2%。該行注意到,一些國內煉油廠將其維修計劃推遲到下半年,加上中國的原油進口配額在監管環境收緊的情況下按年減少了20%,因此下半年其碼頭吞吐量可能存在下行風險。
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