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富瑞降三桶油目标价下调布兰特期油价格预测
格隆汇 07-17 09:43

富瑞发表研究报告表示,降低2019年、2020年及2021年及长期布兰特期油价格预测2.8%、6%、7.7%及4.6%,并调低三家石油公司目标价,其中,中石化(0386.HK)目标价由5.75港元降至5.5港元,维持“持有”评级;中石油(0857.HK)目标价则由6.75港元下调至6.25港元,而中海油(0883.HK)则由17.5港元降至16.5港元,均予两家公司“买入”评级。

富瑞指,中石化应减少在勘探与生产方面的资本开支,让产油量自然下降,而其勘探与生产方面亦较同业为差,但中石化于今年的上游资本开支已按年升42%,该行并认为其股息将会大幅下降。另外,富瑞认为,中石油于其上游业务作了个失败的实验,中国的石油及天然气输入量较其需求量超出75%及45%。

富瑞表示,中海油于过去5年对其营运及资本开支结构的改善成效显著,其国内及海外资产支撑其储备价值上升,但政治上对国内生产的逼切性抵消了公司自身的改善。另外,美国现正逐渐成为天然气与石油的纯出口国,于过去十年中石油的产量及储备亦有所提升,相信若中海油改变产业结构,将会有更好的成绩。

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