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《大行報告》麥格理上調中石油(00857.HK)目標價至3.5元 評級「跑輸大市」
阿思達克 08-02 10:04
麥格理發表研究報告指,中石油(00857.HK)由於油價實現延遲和國內天然氣價格上漲,其第二季淨利潤可能保持韌性在395億元人民幣,按季及按年各下跌9%。自6月初以來,油價已跌至每桶76美元,對上游盈利構成壓力。該行預測,每桶油價每上漲1美元,全年每股盈測將升2%。 該行將今年布蘭特原油價格預測上調4%,第三季上調14%至每桶80美元,而第四季上調7%至75美元。明年布蘭特原油價格預測維持70美元,並下調2025年油價預測至66美元。中石油4月調高管道天然氣價格後,該行將2023至25年國內天然氣價格預測上調3%到5%,但考慮到中國宏觀經濟不利因素以及發改委利潤監管下公司在天然氣和管道板塊的ROA異常地高,故認為國內天然氣價格上漲不可持續。 該行將2023至25年的每股盈測分別上調17%、14%和19%,上調目標價9%至3.5元,評級為「跑輸大市」。
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