《大行報告》大摩:中石油(00857.HK)仍為行業首選 中石化(00386.HK)煉油及化工業務利潤率仍疲弱
摩根士丹利發表研究報告指,年初至今,內地三大石油巨頭均跑贏市場指數和油價走勢,主要是其首季業績勝於預期、股息收益率高、以及估值具吸引力,尤其是投資者尋求受惠於國企改革的股票。
該行相信,內地天然氣定價改革持續,將會繼續釋放公司天然氣價值,抵銷長期油價可能會下跌的影響;同時公司新能源舉措將會從作為天然氣行業的公共服務提供商轉變為價格製定者,以從天然氣供應鏈中獲取更多利潤。
該行表示,仍視中石油(00857.HK)為行業首選,又表示中石化(00386.HK)盈利對於油價走勢更加敏感,又指油價下跌並不會改善其下游利潤,主要是需求疲軟及供應過剩,另外,其煉油及化工業務利潤率仍疲弱。
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