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Sinopec Kantons Oil-Terminal Throughput Likely to Have Strong 2H Recovery -- Market Talk

Sinopec Kantons Oil-Terminal Throughput Likely to Have Strong 2H Recovery -- Market Talk

中石化冠德石油終端產能可能出現強勁的2H回升--市場談話
Dow Jones Newswires ·  2020/07/07 03:41

DJ Sinopec Kantons Oil-Terminal Throughput Likely to Have Strong 2H Recovery -- Market Talk

DJ中石化冠德石油終端產能可能出現強勁的2H回升--市場談話

0741 GMT - Sinopec Kantons's oil-terminal throughput could have a strong recovery in 2H as more very-large-crude-carriers need to offload floating oil storage, Daiwa Capital says, as it raises its target price to HK$4.20 from HK$3.70 while saying its valuation is "unjustifiably low." Demand for Kantons's oil berths dived in March and April due to the pandemic but the Chinese company expects July's throughput to further improve on month, Daiwa says, adding China's strong refinery production supports high oil imports. Besides, Kantons's storage facility in Fujairah, UAE, stands to benefit from an oil-supply glut, where full occupancy has pushed rents higher. Daiwa raises its EPS forecast for 2020-2021 by 1.3% and keeps a buy rating. Shares fall 1.1% to HK$3.46. (clarence.leong@wsj.com)

0741GMT-大和資本(Daiwa Capital)表示，隨着更多超大型原油運輸船需要卸載浮式儲油庫，中石化冠東的石油碼頭吞吐量可能會在下半年強勁復甦。該公司將目標價從3.70港元上調至4.20港元，同時表示其估值“低得不合理”。大和表示，由於大流行，對坎通石油泊位的需求在3月和4月大幅下降，但這家中國公司預計7月份的吞吐量將比上月進一步改善，並補充稱，中國強勁的煉油廠產量支持了高石油進口。此外，Kantons位於阿聯酋富賈伊拉(Fujairah)的儲存設施將受益於石油供應過剩，那裏的全部入住率推高了租金。(投行觀點)大和將2020-2021年EPS預估上調1.3%，維持買入評級股價跌1.1%，報3.46港元。(clarence.leong@wsj.com)

(END) Dow Jones Newswires

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July 07, 2020 03:41 ET (07:41 GMT)

2020年7月7日東部時間03：41(格林尼治標準時間07：41)

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