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《大行報告》瑞信下調上石化(00338.HK)目標價至1.7元 評級「中性」
阿思達克 01-26 10:07
瑞信發表報告指,上石化(00338.HK)發盈喜,預料去年純利介乎19億元至21億元人民幣,已包括合成纖維業務的減值。該行估計有關業務減值約4億元人民幣,若撇除減值,集團去年核心純利料介乎23億元至25億元人民幣,按年增長266%至298%,符合該行預期,但純利中位數較市場預期低18%。 該行表示,上石化去年第四季撇除減值的核心純利估計介乎3.35億元至5.35億元人民幣,中位計按季下跌40%,相信主要由於原材料成本上升令毛利受壓等,有關疲弱料或延續至今年首季。 瑞信對中國煉油及化工等下游行業未來六個月的看法仍然審慎,調低上石化去年每股盈利預測20%以反映減值,今明兩年預測亦下調6%至8%,且目標價由1.8元降至1.7元,維持「中性」評級。
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