《大行報告》麥格理上調中石化(00386.HK)目標價至4.6元 評級「跑贏大市」
麥格理發表報告表示,中石化(00386.HK)今年第三季業績勝預期,純利128億元人民幣,高於該行預期的110億元人民幣,受惠勘探與生產盈利勝預期、市務銷售利潤率,以及來自聯合石化(unipec)的強勁盈利。
該行料中石化上季純利已見底,料投資者對其勝預期業績反應正面,提煉業務的逆風料末季開始扭轉,伴隨著明後兩年盈利料見復甦。在業績緘默期後重啟H股回購,以及管理層對派息的承諾,料有助中石化獲進一步估值重評。
麥格理指,考慮最新油價及外匯預測,以及提煉業務前景更趨正面,該行對其2022至2024年各年每股盈測分別降3%、升7%及升2%。該行將中石化H股目標價由4元升至4.6元,維持「跑贏大市」評級。該行偏好中石化多於中石油(00857.HK),以更佳捕捉提煉業務復甦機遇。
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