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《大行报告》瑞信上调中海油(00883.HK)目标价至17.2元 中期纯利胜预期
阿思达克 08-30 14:38

瑞信发表的报告指,中国海洋石油(00883.HK)上半年纯利按年增19%至300亿元人民币(下同),较该行及市场预期高59%及55%,主要受惠成本管控等,派中期息每股33仙,按年升10%,反映派息比率为43%,按年持平。该行将公司2019至2021年每股盈测升5%至20%,以反映成本轨迹趋降的影响,以现金流折现率计,目标价由17港元升至17.2港元。该行认为,中海油过去一个月累计回调约15%,现价属好的进入点,维持「跑赢大市」评级。

报告称,中海油上半年整体成本按年下跌9%,是自2010年最好,部分是受惠於人民币贬值,如撇除汇率因素影响,整体成本仍按年下跌约1.4%,期内资本开支按年增长60%至340亿元,是全年预算的近一半,亦是自2013年以来中期完成度最高。

瑞信表示,中海油今年第二季公司油气生产按年升4%,按季则升2%,相信靠着现时的势头,公司可完成今年的全年产量目标,而管理层亦对下半年产量有信心。

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