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大行評級|摩根大通:偏好中石化H股多於A股 目標價5.5港元
格隆匯 04-29 15:01
摩根大通發表報吿指,中石化首季純利按年下跌10%至187億元,達到市場預期全年盈利預測的28%,並大幅高於摩通估算的160億元,主要來自於探勘及開採與油品營銷業務增長,估計投資者將關注國內煉油及油品營銷前景、股息政策、國內化工及新能源併購機會,以及庫存增加下第二季淨利潤走勢等。摩通指出,首季勘探與開採、煉油與油品營銷表現比憂慮的要好,相信主要是由於中石化對國內煉油廠進行營運優化措施,包括關停虧損設施,以及市場份額提升所致。摩通預測煉油利潤率將在中長期復甦,偏好中石化H股多於A股,因H股具有較高股息回報率,給予其H股“增持”評級,目標價5.5港元。
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