Deutsche Bank Sinopec reiterate buy rating target price of 7.31

Deutsche Bank: Sinopec reiterate buy rating target price of 7.31 yuan Sina App: Live on-line blogger to guide Sina Hong Kong APP: real time market exclusive reference stocks also worth the investment? What’s the problem? Where is the future? Sina Hong Kong stocks launched "Hong Kong stocks are not attractive" big discussion, with a rational and constructive attitude, welcome to pay attention to Hong Kong stocks, people concerned about the capital market, together with Hong Kong stocks for advice and suggestions, and conspiracy of Hong Kong stock market tomorrow. Please to hkstock_biz@sina. Deutsche Bank issued a research report, Sinopec (00386.HK) refers to the price cheap, good oil prices rose to 5 per cent in 4 Sinopec, dividend rate, stock price has the defensive, is expected to 2018 capital rate of return can be doubled to 10%. The target price of Sinopec will be lowered from 7.56 yuan to 7.31 yuan, equivalent to 1.1 times the forecast of city accounts rate in 2016, and reiterated the ‘buy’ rating, which is the first choice for the oil and gas industry. Deutsche Bank said Sinopec has pointed out that the acquisition of the parent company to the high cost of oil is not an option, the payout ratio is expected to rise (higher than 50%), and will complete the annual capital expenditure of 100 billion 400 million yuan target (the first half finished only 13%). Shale gas is the main growth momentum, with the laying of new pipelines, in the second quarter, its profitability is higher than the traditional oil and gas. The outlook for gross profit margins of refining operations is also upwards. Deutsche Bank added, relative to the mainland counterparts, Sinopec is still facing pressure to cut costs. Sinopec unit costs fell by 9.5% per year, but oil production in the mainland decreased by 14% annually. However, there is limited space to reduce the unit cost, especially if oil production continues to decrease in the mainland in 2017. Sinopec has a natural decline rate of 10% to 15%, and oil prices need to rebound to 55 dollars a barrel, Sinopec can raise capital spending to cope with the decline rate. (both) go into Sina Finance shares

德银:重申中石化买入评级 目标价7.31元 新浪财经App:直播上线 博主一对一指导 新浪港股APP:实时行情 独家内参   港股还值不值得投资?出现了什么问题?未来出路在哪里?新浪港股发起“港股还有没有吸引力”大讨论,以理性、建设性的态度,欢迎关注港股、关注资本市场的人士,一起为港股建言献策,共谋港股市场的明天。来稿请至hkstock_biz@sina 。   德银发表研究报告,指中石化(00386.HK)股价便宜,油价上升利好中石化,在4至5厘股息率下,股价具防守性,料至2018年资本回报率可翻倍至10%。该行将中石化目标价由7.56元下调至7.31元,相当於2016年预测市账率1.1倍,重申‘买入’评级,属油气行业首选。   德银称,中石化曾指出,向母公司收购高成本油田不是选项、派息率料上升(高於50%),及将会完成全年资本开支1,004亿元人民币的目标(首半年只完成了13%)。页岩气是主要增长动力,随着铺设新输油管,在第二季起,其盈利能力比传统油气更高。炼油业务的毛利前景亦向上。   德银补充,相对内地同业,中石化仍面对削减成本压力。中石化单位成本按年降9.5%,惟内地石油生产按年减少14%。不过,再下调单位成本空间有限,特别是若2017年内地石油生产继续减少。中石化油田有10%至15%的自然衰退率,油价需要反弹至55美元一桶,中石化方可提升资本开支以应对衰退率。(双双) 进入【新浪财经股吧】讨论相关的主题文章: