《大行報告》摩通上調上石化(00338.HK)評級至「中性」 目標價升至1.4元
摩根大通發表報告上調上石化(00338.HK)投資評級,由「減持」升至「中性」,目標價由0.86元升至1.4元。報告指,公司今明兩年盈利較市場預測有24%至27%下行風險,但相信現時已反映於估值。
該行指上調評級源於預測中國煉油業毛利率今年料恢復至正常水平,致該行對上石化今年盈測或較原先估算提升達100%;疫後油氣需求展望強勁;中東至亞洲官方銷售價格(OSP)下調支持未來數季煉油業毛利率等。
上石化早前預警去年淨虧損介乎26.05億至31.84億元人民幣,意味去年末季淨虧損6.04億至11.83億元人民幣,公司解釋,表現疲弱主要受非經營性一次性影響。該行料未來數季淨虧損下行風險有限,股價將會趨穩。
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