《大行報告》麥格理下調中石油(00857.HK)目標價至2.6元 進口天然氣業務承壓
麥格理發表報告,指中石油(00857.HK)第三季業績大致符預期,稅後純利379億元人民幣,較該行預期低8%,但高於市場預期的272億元人民幣。稅後純利按季跌13%,主因天然氣進口虧損及化工/提煉毛利率收縮。
該行估計中石油今年第四季料仍產生天然氣進口虧損,因在需求放緩下末季加價幅度少過預期,其下游業務面對進一步利潤擠壓,這將導致全年天然氣進口業務錄虧損,遜於市場預期全年可扭虧。
麥格理對中石油2022至2024年每股盈利預測分別下降11%、上升11%及下降24%,以反映該行對油價及外匯最新預測。該行予中石油H股目標價由2.8元降至2.6元,相當預測明年市賬率0.3倍,評級「跑輸大市」。
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