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《大行報告》高盛:中石油(00857.HK)首季業績符預期 評級「買入」
高盛發表報告指,中石油(00857.HK)首季業績符合預期,EBITDA比該行預期低4%。在各板塊中,勘探和開採的收益低於預期,但被煉油、營銷和天然氣板塊的強勁表現所抵銷。 高盛指,由於看好石油價格上升,預計2022年下半年和2023年布蘭特油價分別為每桶125美元和115美元,因此予中石油「買入」評級(確信名單),目標價維持6港元。 高盛指,在2022年布蘭特油價每桶為80至150美元的情況下,當油價上升時,中石油今年的盈利可能會受惠,不過當油價超過每桶85美元時,由於特許權使用費增加和煉油收入減少,對EBITDA的正面影響會收窄。另該行預計中石油2022年的股息率和自由現金流收益率分別為8.1%和9.6%%。
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