花旗:升中海油服(2883.HK)目標價至13.5港元 評級“買入”
花旗發表報告表示,中海油田服務(02883.HK)A股及H股差距,由11月初時的50%擴大至74%,而過去兩年平均約為52%,相信反映了較多A股投資者對於公司2020年離岸資本開支及盈利表現較樂觀,相信公司盈利有向上重估的空間,而H股走勢或可追上,直至AH股價差回到平均水平。
該行指出,2018年曾有兩次中海油服AH股價差達到80%,而兩次的情況中H股均在一個月內錄7-20%的回報。該分投資者認為考慮到2020年其股本回報率約為10%,公司H股估值昂貴,但該行相信A股股價向上應可助提升其H股估值上限。該行將其2019-2021年盈利預測分別升4%、19%及28%,目標價由13港元升至13.5港元,此相當預測明年市賬率1.45倍,維持“買入”評級。

花旗稱,由於中海油(00883.HK)對成本較審慎,認為現時中海油服股價並未反映2020年的日費率提升的影響,但由於到2020年鑽油台的使用率將接近90%,相信日費率將上升並令公司有更好的條件與中海油商討價錢,並料日費率提升或可帶動公司2020年盈利增長9.6%。
而在油井服務方面,中海油田服務今年上半年其收入及EBIT貢獻分別達49%及74%,而上半年收入增長更達95%,受訂單時間較短影響,相關服務的訂單可見性較低,但認為仍有增長空間,因為公司現時市佔僅為2.3%,故該行基本情景估算2020年相關收入增長可達49%,而EBIT利潤率則為19%,而相關收入每增長10個百分點,就可帶動2020年盈利多6.6%。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.