美銀證券:升中石油(0857.HK)評級至“買入” 目標價4.9港元
美銀證券發表報告表示,上調中石油(0857.HK)2019至2021年度盈利預測分別4%/45%/45%,以反映更高的油價預期,且下調其勘探與生產成本預測,但同時降低其下游業務之盈利貢獻。
報告又指,中石油股價過去12個月跑輸恆指及中海油(0883.HK)分別29%及27%,因此將其評級由“
中性
”上調至“
買入
”,主因是其估值吸引,現價市賬率0.5倍(相對國際同業處於1.2倍、亞洲同業0.7倍,及其歷史平均1.2倍);在很大程度上反映了對其國家服務負擔的擔憂,例如進口天然氣虧損及管道整合;以及中石油證明可通過削減成本和保留預訂來提高上游回報等因素,維持其目標價4.9港元不變。
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