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《大行報告》瑞信:中石油(00857.HK)發盈喜符預期 評級「跑贏大市」
阿思達克 01-13 14:04
瑞信發表報告指,中石油(00857.HK)發盈喜,預期去年盈利介乎900億元至940億元人民幣,按年增長374%至395%,符合市場預期,指去年盈利為集團自2014年以來最高水平。 該行表示,中石油公布的全年盈喜數字,意味去年第四季盈利介乎149億元至189億元人民幣,按季下跌15%至33%,認為是年終減值及成本下沉令集團第四季盈利出現按季下跌。至於該季進口氣虧損或較預期佳,主因冬季氣價上調窗口在去年11月開啟,集團成功轉移成本至下游。 展望今年,瑞信預期亞太油股表現會繼續跑贏,主因供應緊張令年初至今的油價持續強勁。在對今年的油價假設為每桶75美元下,該行預期中石油今年的盈利或達1,000億元人民幣,使其盈利能力回到2011年至2014年的水平。當年公司盈利超過千億元人民幣,平均油價則逾每桶100美元。 瑞信維持中石油股份「跑贏大市」評級及目標價5.2元。
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