《大行報告》花旗降中石油(00857.HK)目標價至7.5元 中石化(00386.HK)下調至5.3元
花旗發表研究報告指,由2017年至2023年期間推出的採礦權稅,爲中石油(00857.HK)和中石化(00386.HK)的上季盈利帶來負面影響,料分別約200億元人民幣和70億元人民幣,同時股息亦無可避免地受累,但該行認爲,資產減值較小和派息率較高可以緩衝對股息的影響。
基於上述原因,該行將中石油去年、今年及明年盈利預測分別下調5%至10%,而中石化則下調4%至16%,中石油目標價相應由7.9元下調至7.5元,中石化目標價亦由5.7元下調至5.3元,兩者投資評級均爲「買入」。
該行提到,於上週會見了20位境內投資者,儘管油價較低,但由於獲利確定性高於其他行業,大多數投資者仍持有中石油等高收益股票。 雖然採礦權稅令人驚訝,但考慮到未來影響可控,他們傾向認爲這是一次性的。 投資人認同中海油服(02883.HK)具有獲利成長的前景,但表示只有在市場情緒轉變時纔會買入。(ca/k)
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