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大行評級|星展:微降中石化目標價至5.4港元 上季業績遠遜預期
星展發表研究報吿指,中石化是中國最大煉油企業,佔全國煉油能力的三分之一及全球煉油能力的約6%,該公司正積極轉型為更環保的綜合能源服務供應商,市場預期中石化未來兩年盈利將保持穩定,上游業務利潤的下跌預期可以被下游業務盈利復甦所抵銷。受累煉油及銷售板塊疲弱,加上庫存虧損,中石化上季業績遠遜預期。不過,該行目前預測中石化每桶煉油總利潤(GRM)可提升至介乎7至8美元,形容中石化“隧道盡頭見曙光”,維持“買入”評級,目標價由5.6港元微降至5.4港元,基於需求復甦較預期慢,將今明兩年盈利預測下調9%至10%。
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