《大行報告》花旗降中石油(00857.HK)評級至「沽售」 目標價下調至2.7元
花旗發表研究報告,將中石油(00857.HK)的評級由「中性」降至「沽售」,預計公司2022年盈利狀況將因進口天然氣損失激增而惡化。
根據該行敏感度分析,布倫特原油價格平均要達到每桶78美元,中石油纔可避免今年核心盈利倒退。花旗估計,中石油的進口天然氣虧損將由2021年的約110億元人民幣,增至今年創紀錄的460億元人民幣。基於布倫特原油長期價格預測每桶55美元及加權平均資本成本約8%,該行將中石油目標價,由3.7元下調至2.7元。
花旗指,中石油的股價在2021年累計上升60%以上,由於油價或已於去年第四季見頂,加上預計2022年進口天然氣虧損增加,公司盈利將大幅疲軟,對2021年預測基本保持不變,但將2022至2023年盈利預測下調3%至7%。
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