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摩通:予中國石化(0386.HK)增持評級 目標價4.6港元

摩根大通發表研究報吿指,中國石油化工股份(0386.HK)首季淨利潤按年升26%至233億元人民幣,按季則升107%,佔本財年市場預期的32%,但指其首季營運溢利及淨利潤表現均低於該行預期,幾乎完全是由於98億元人民幣的“抵銷虧損”,預期今年第二季相關虧損將會收窄,予目標價4.6港元及“增持”評級。

該行表示,除了“抵銷虧損”外,其首季勘探及開發業務表現強勁,其他業務分部表現亦符合預期,繼續認為今年每股收益普遍存在逾20%的上行空間,該行看好中石化H股多於中石化A股,因前者具有強勁的派息,並繼續看好上游業務敞口較高的中海油和中石油。

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