《大行報告》匯豐研究上調中石化(00386.HK)目標價至3.4元 評級「減持」
匯豐環球研究發表報告指,中石化(00386.HK)去年業績符合該行低於市場的預測,料公司下游業務面臨的挑戰和液化天然氣(LNG)進口造成的損失可能會繼續。另外,集團對母公司的股權配售令人意外。該行下調中石化2023財年的盈測4%,維持集團的「減持」評級,目標價由3元上調至3.4元。
該行表示,中石化H股由年初至今表現強勁,主要是受中國重新開放後下游產品復甦前景樂觀的推動。然而,該行認為,需求反彈的樂觀情緒已主要體現在價格上,而煉油、化工和液化天然氣進口的市場挑戰在過去的結果中顯而易見,並將持續到今年。該行表示,仍然憂慮LNG進口的損失將持續存在,並有可能擴大,因為目前已經簽訂了很多長期供應合同。
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