《大行報告》瑞信:中石油(00857.HK)去年度盈喜略高於預期 評級「跑贏大市」
瑞信發表研究報告指,中石油(00857.HK)發盈喜料去年淨利潤按年增長57%至68%,到1,450億至1,550億元人民幣,高於該行及市場預期分別7%及5%;料為集團歷史上錄最高利潤的一年。
該行補充,以此計算,去年第四季集團淨利潤約為300億元人民幣,按季下降22%是由於油價下跌11%、當季內地零星的封城令下游疲弱、油價走低導致煉油庫存損失及年末資產減值等因素。該行表示,雖然油價下跌將降低集團今年的勘探與生產的盈利能力,但中國重新開放將為其下游和天然氣業務帶來動力。
該行提到,中石油股息收益率為11%和派息率達45%具吸引力,維持其「跑贏大市」評級及目標價5.2元。
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