-- 獨立研究機構CFRA向提供了以下研究報告。 CFRA分析師的觀點總結如下：我們12個月的目標價為190美元，上調12美元，該目標價綜合考慮了相對估值和現金流折現模型（DCF）分析。相對估值方面，我們對2027年預計EBITDA採用8倍企業價值倍數，高於PSX的歷史平均。我們選擇如此高的倍數是基於我們對2027年煉油利潤率環境的預期。我們的DCF模型得出每股價值為200美元，採用中期自由現金流年增率5%和終期成長率2%的假設，並以6.8%的加權平均資本成本進行折現。我們將2026年每股盈餘預期調高4.74美元至15.54美元，並將2027年每股盈餘預期調高2.85美元至15.88美元。我們下調評級是基於估值，儘管該股年初至今已上漲37%，目前交易價格略高於其歷史遠期均價。我們認為，在布蘭特原油和WTI原油基準價格大幅分化的推動下，煉油利潤率環境短期內可能保持強勁。然而，我們認為，目前的股價已基本反映了該股的上漲潛力。
Related Articles
Asia
Orient Securities' Q1 Profit Climbs 11%, Operating Income Rises 5%
Orient Securities' (HKG:3958, SHA:600958) net profit attributable to shareholders in the first quarter climbed 11% to 1.59 billion yuan from 1.44 billion yuan a year earlier, according to a Hong Kong bourse disclosure on Wednesday.Basic earnings per share jumped 19% year on year to 0.19 yuan from 0.16 yuan.The securities company's operating income rose 5.3% to 4.09 billion yuan from 3.88 billion yuan in the previous year.
$HKG:3958$SHA:600958
Asia
ANZ Group Holdings Posts Higher Fiscal H1 Cash Earnings, Operating Income
ANZ Group Holdings (ASX:ANZ, NZE:ANZ) reported Friday fiscal first-half cash earnings of AU$1.242 per share, up from AU$1.17 a year earlier.Analysts polled by FactSet expected earnings of AU$1.23.Operating income for the six months ended March 31 was AU$11.2 billion, compared with about AU$11 billion a year earlier. Analysts surveyed by FactSet expected AU$11.39 billion.The board declared an interim dividend of AU$0.83 per share, unchanged from the prior corresponding period, payable July 1 to shareholders on record as of May 12.
$ASX:ANZ$NZE:ANZ
Asia
Hainan Airlines' Q1 Profit Surges 534%
Hainan Airlines' (SHA:600221, SHA:900945) net profit attributable to shareholders in the first quarter skyrocketed 534% to 1.73 billion yuan, from 272.3 million yuan a year earlier, according to a Shanghai bourse filing on Thursday.Earnings per share surged 533% year on year to 0.0399 yuan from 0.0063 yuan.Operating revenue rose 5% to 18.5 billion yuan from 17.6 billion yuan in the previous year.
$SHA:600221$SHA:900945