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《大行報告》瑞信下調中石化(00386.HK)目標價至3.8元 評級「中性」
瑞信發表報告指,中石化(00386.HK)首季純利為233億元人民幣,但當中包括180億元人民幣的庫存收益。若撇除有關收益,首季核心純利估計為89億元人民幣,按年下跌10%,按季下跌58%,料為「三桶油」中最疲弱的首季業績表現。 該行表示,由於油價上升令營運資金周轉變差,公司首季經營現金流惡化三倍,錄得470億元人民幣外流,加上今年的資本開支預算按年增加18%,估計將顯著減少公司今年的自由現金流,或令其難以於今年維持80%的派息比率。 瑞信下調中石化股份目標價,由3.9元降至3.8元,評級維持「中性」,並調低公司今明兩年每股盈利預測2%至11%。
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