大摩:中石油(0857.HK)中期表現與盈喜一致 予目標價4.35港元及"增持"評級
摩根士丹利發表研究報吿指,中石油(0857.HK)今年上半年淨利潤錄得約530億元人民幣與此前的盈喜一致,這是七年來最好的中期業績表現結果。 由於進口天然氣損失和煉油庫存收益減弱,今年第二季的盈利較低,但被其附屬公司崑崙能源出售資產所抵消,予目標價4.35港元及"增持"評級。
大摩表示,公司下游業務的盈利能力將在今年下半年保持強勁,因為化學品需求或延續強勁勢頭;近期的進口配額削減以及針對“茶壺”煉油廠的新税收,將改善國有煉油廠的競爭格局, 而隨着原油價格走高,料今年下半年進口天然氣損失可能擴大,但由於強勁的需求勢頭,相關損 失應該是可控的,因這樣能有更強的議價能力來轉嫁成本。

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