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《大行報告》摩通:中石化(00386.HK)去年下半年經營數據符預期 評級「增持」
摩根大通發表研究報告指出,中石化(00386.HK)去年下半年經營數據符合預期,原油加工量及乙烯產量比指引分別高出1.3%及3%。 該行認爲,雖然公司去年第四季表現疲弱(庫存減少收益),但隨着公司提供12%的強勁股息率,以及爲實現「十四五」目標而至2024年或出現潛在創紀錄的純利,相信公司於2022財年上半年的前景將有所改善,該行維持對其「增持」評級。 摩通估計中石化去年第四季的天然氣進口損失爲34億元人民幣,是近年來的最高水平,原因是與中石油(00857.HK)相比,中石化對現貨液化天然氣(LNG)進口的依賴較高。不過,現貨LNG價格已由12月紀錄高位回落,反映供應充足。 此外,該行看好中石化的原因包括其煉油業務被低估;料公司爲中國整合煉油/化工的主要受惠者,有助於保持國內市場的平衡;向「十四五」目標邁進順利,包括降低勘探與生產成本、整合煉化產能,及建設加氫站等;強勁股息。目標價5.2元。
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