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《大行報告》花旗升中石化(00386.HK)評級至「買入」 首選中石油(00857.HK)
花旗發表報告指出,中石油(00857.HK)及中石化(00386.HK)本年迄今股價分別累升約50%及32%,跑贏大市,或受惠於國企改革。該行認爲,基於精煉油產品需求復甦,以及公司向利潤率更高的汽油/飛機燃料的收益轉變,相信中石油及中石化的股本回報率有所改善。 該行預期,中石油或透過管道獲得打折的俄羅斯原油,公司的煉油總利潤(GRM)或將進一步受惠。至於中石化雖然受俄羅斯原油影響較小,但其作爲內地最大的煉油商,仍可受惠於燃料需求和GRM復甦。 此外,該行認爲在內地石油巨頭中,依然首選中石油,對其H股目標價6.4元,維持「買入」評級。另對中石化H股目標價由4元上調至5.7元,評級由「中性」升至「買入」,對其今明兩年的每股盈利預測各上調17%及24%。
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