《大行報告》麥格理首予中石化(00386.HK)「跑贏大市」評級 目標價4元
麥格理髮表評級報告指,中石化(00386.HK)作爲內地最大綜合煉油企業,可助防守型資者渡過經濟週期。即使投資者擔心在油價高於每桶80美元情況下,令煉油利潤率承壓,但該行相信,中石化上遊盈利能力足以抵銷任何下遊利潤,直至油價超出每桶140美元。
該行表示,即使內地疫情封城措施影響中石化設備使用率,但營銷利潤率表現仍可優於預期,以支撐公司經常性收益渡過暫時性的逆境;中石化將繼續證明其盈利能見度及韌性,尤其在全球煉油能力仍然緊張。
該行預料,中石化將繼續利用其自由現金流和資產負債表,爲未來升級及增加下遊產能融資;該行相信,管理層可透過營銷繼續提高回報,並將其非燃料業務進一步商業化,或改善其股息予投資者回報,包括最大股東中石化集團。
該行表示,中石化將上遊資本支出的約一半投資於天然氣,並預計公司今明兩年的天然氣產量將分別增加5%及12%,認爲中石化將引領中國氫能發展,首予「跑贏大市」評級,目標價爲4元。(ca/u)
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