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花旗中海油(0883.HK)购母企资产估值略贵惟对盈利影响微
格隆汇 08-02 11:34

花旗发表研究报告指,中海油(00883.HK)斥约53亿人币购母企持有的中联公司100%股权,是次并购符合其长线发展策略。而相对公司於去年底手持的1,530亿元人民币现金或现金等值,是次交易规模较小,虽然估值则略贵,但对中海油盈利影响微。该行重申中海油评级“买入”,目标价16港元。

报告指,根据中联公司披露的财务资料,其2017年及2018年度盈利分别为7,300万元人民币及1,800万元人民币。虽然未能确实是否有任何减值或一次性项目,而导致按年显着下跌,但今次并购代价昂贵,相等於2017年度及2018年度市盈率分别达73倍及304倍,市帐率分别为2.4倍及2.42倍。

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