《大行报告》中金:中海油(00883.HK)跌幅超油价回落幅度 市场低估资产价值
中金发表报告表示,於9月27日在香港组织了中海油(00883.HK)非交易路演。管理层分享了有关公司成本控制、远期规划和并购战略的更多信息。总体而言,会议的反馈相当积极,该行维持中海油「跑赢行业」评级及目标价15.5元,此按现金流折现率作估值,相当预测今年市净率1倍。
该行指,受到油价回落至沙特石油生产设施遭受无人机袭击前的水平,以及中海油管理层变动的影响,令公司股价表现疲弱,跌幅甚至超过了油价回落幅度。该行认为,公司致力於实现有投资纪律的增长,市场低估了公司的优质资产价值。
中金引述中海油非交易路演情况,中海油称计划逐步扩大其资本开支,以支撑其2025年200万桶油当量/天的产量目标。该行预计,2019年中海油的资本开支将达到780亿元人民币(下同)的目标水平,2020年将增长至870亿元,2021年有望进一步增长至1,050亿元,突破千亿元大关并接近其2014年的峰值1,065亿元。
就进军陆上非常规天然气领域。该行指,中海油最近从母公司手中收购了中联煤层气公司,显示其正在为进军陆上非常规天然气做准备。目前中联煤层气公司主要从事煤层气的勘探与开采业务,以及少量的致密气业务。该行预计未来中联煤层气公司有望加大勘探力度,并进军页岩气领域。
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