《大行報告》瑞信:中石油(00857.HK)發盈喜符預期 評級「跑贏大市」
瑞信發表研究報告指,中石油(00857.HK)日前發盈喜,預期上半年純利將按年增長50%至60%,表現符合市場預期。
該行指出,勘探與生產業務料為第二季盈利增長的主要推動力,足以抵銷下游受到內地疫情及封城政策的拖累,惟季內計入的勘探與生產資產減值拖累部分石油價格的升幅影響。
瑞信認為,憑藉天然氣成本轉嫁策略,第二季進口天然氣虧損將繼續好於預期,預測虧損為約35億元人民幣,即上半年進口虧損達到約30億元人民幣。公司全年指引為200億至250億元人民幣,該行預測全年指引有下調空間。
計及近期油價預測,瑞信指出中石油現價水平為今年預測市盈率的4.4倍及企業價值對EBITDA比率的2.1倍,維持「跑贏大市」評級及目標價5.3元不變。
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