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《大行報告》瑞信上調中石化(00386.HK)目標價至3.9元 評級「中性」
瑞信發表報告指,中石化(00386.HK)去年純利按年增長115%至720億元人民幣,符合早前公布的盈利預告,意味第四季核心純利為215億元人民幣,按季上升42%。 該行表示,集團去年派息較預期強勁,每股派0.47元人民幣,派息比率為79%,以目前股價計相當於股息收益率為16%。 瑞信上調中石化股份目標價,由3.6元升至3.9元,評級維持「中性」,並調升集團今明兩年每股盈利預測3%至4%,以反映預測模型的更新。報告指出,中石化預算今年資本支出將按年升18%,達到歷來最高水平,與中海油(00883.HK)僅增0-10%形成強烈對比。鑑於2022年資本支出預算顯著增加以及下游盈利疲軟,該行認為中石化將無法在2022年維持高派息。
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