《大行報告》摩通首予中石化煉化(02386.HK)「增持」評級 目標價5.2元
摩根大通發表研究報告,首予中石化煉化工程(02386.HK)「增持」評級,以現金流折現率計,目標價5.2元。該行稱,主要正面因素包括今年向母企中石化集團被減少及限制的委託貸款迎來環境、社會及治理(ESG)拐點;並料公司錄強勁現金流,自由現金流收益率料15%,現金收益率料10%。今年純利料復甦至24億元人民幣,三年年均複合增長料6%以上,主要受中石化下遊業務資本開支三年年均複合增長9%所支持。而公司潛在加快滲透至中石化再生能源項目料亦改善能源效益。報告補充,下遊工程服務毛利率風險仍低。
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