《大行報告》花旗輕微上調中石化(00386.HK)目標價至3.2元 評級「沽售」
花旗發表報告指,中石化(00386.HK)今年第二季純利為210億元人民幣,按季下跌9.5%,撇除14億元人民幣的減值,核心盈利按季下跌3.8%。
該行表示,集團純利好過市場預期,主要是由煉油及銷售業務的存貨收益推動,估計集團次季的總存貨收益為110億元人民幣,因此撇除有關收益的次季核心盈利只有100億元人民幣。
另外,集團的經營現金流表現亦疲弱,僅50億元人民幣,為自2008年以來最低,花旗稱或令市場憂慮集團能否維持全年派息比率於80%。
花旗輕微上調中石化股份目標價,由3.1元升至3.2元,評級維持「沽售」,並調升集團今明兩年盈利預測分別10%及19%,反映該行將此兩年油價預測由原來的91及58美元,上調至99及75美元。
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