《大行報告》瑞信:中石化(00386.HK)次季營運數據表明庫存顯着增加 對現金流及派息有負面影響
瑞信發表研究報告指,中國石化(00386.HK)公佈第二季經營數據,當中透露下遊業務錄得按季下降,令人關注,認爲可能對中石化上半年現金流和股息支付產生更廣泛的影響。
該行表示,疫情影響下第二季煉油廠產量按季下降12%,銷量按季更跌46%,指出中石化可能將煉油廠開工率維持在最低水平,以避免任何營運問題,但已造成石油產品庫存大量增加,將引致營運資金週轉放緩、現金流惡化、庫存損失等潛在影響,上半年派息比率有降低的風險。
瑞信表示在「三桶油」中最不看好中石化,維持「中性」評級及目標價3.8元。
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