美銀證券:料中海油(0883.HK)有強勁經營現金流 維持“買入”評級
美銀證券發表研究報告,指中海油(0883.HK)
去年的產能表現勝預期,因為第四季項目優化令生產時間縮短。公司亦提升2020及21年的產能目標約3%至5.2億至5.3億桶油當量。
該行指,據公司最新的3年計劃中,產能會由2020年的5.2至5.3億桶油當量,提升12.4%至5.9億桶油當量,相等於年複合增長為6%,符合其於2025年達至日產200萬桶油當量目標的步伐。管理層重申強調成本控制並堅持項目需要通過35美元/桶的壓力測試。
該行又指,公司於去年的資本開支為802億元(人民幣,下同)達至預期的上限,管理層預期今年的資本開支為850至950億元,按年升6-19%,與該行預期914億元相若。公司亦同意若回報合理會增加投資。該行相信,在油價潛在上升之情況下,公司會有更強勁的經營現金流,為達至更好的派息提供基礎,管理層亦指現階段無意增加借貸,維持“
買入
”
評級,目標價16.7
港
元。
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