大行評級|花旗:上調中石油H股目標價至8港元 天然氣業務具韌性將支持派息
花旗發表報吿稱,在油價轉弱下,中石油具韌性天然氣業務將能支持派息,認為市場尚未完全反映集團減少依賴石油收益的情況,預計天然氣的息税前盈利貢獻佔比將從去年的約41%上升至2024年至2026年的約60%。隨着集團能產生強勁的自由現金流,未來派息比率有潛在上升空間。
報吿稱,現時對布蘭特期油的基本預測為每桶60美元,預計中石油2025財年派息比率為55%,高於2023財年的50%,認為約5個百分點的派息比率增長可以抵銷每桶油價約5美元的跌幅,讓中石油維持類似的股息率水平。
花旗稱,預計第三季中石油每股盈利將按季下降約15%,不過在基本情景下若每桶油價上升5美元,將可推動中石油2025及2026財年每股盈利預測分別調升12%及9%。花旗將中石油H股目標價由7.5港元上調至8港元,維持“買入”評級。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.