《大行報告》瑞銀下調中石化(00386.HK)目標價至6.3元 上季淨利潤符預期
瑞銀發表報告指,中石化(00386.HK)第三季純利179億元人民幣,按年升38%、按季亦升17%,符合該行預期,期內煉化業務按季顯著改善,原油加工量按季上升5%,另一方面,高油價對庫存有正面影響,令煉化業務錄得庫存收益65.9億元人民幣。
瑞銀估計第四季煉化業務盈利持續改善,潛在高油價亦利好上游業務經營溢利表現。首三季資本開支1,082億元人民幣,只相當於全年目標的61%,因此第四季可能未達目標。
因應第三季業績表現,該行將中石化今年純利預測下調8%,至744億元人民幣,H股目標價由6.4元下調至6.3元,相當於資產淨值(NAV)折讓45%,評級「買入」。
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