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大和:下調中海油(0883.HK)目標至11.8港元 評級降至持有
格隆匯 02-27 12:45

大和發表研究報告指,中海油(0883.HK)受新冠肺炎影響需求,國際能源總署或會調整需求預測。大和調低今年石油價格預測,由每桶63美元下調至每桶58美元,並下調投資評級,由“優於大市”降至“持有”,目標價由14.3港元下調至11.8港元。

大和表示,在疫情蔓延的情況下,預計經濟活動將有較長時間放緩,導致油價疲軟。該行又指,疫情會造成石油長期需求中斷,故下調今年油價預測,但維持2021年油價預測在每桶64美元不變。

又指,本月初中海油因疫情公佈啟用“不可抗力條款”,拒絕接收液化天然氣貨物,但該行為中海油的基本面依然良好,在中國石油主要供應商中生產成本最低。而中海油把2020年生產目標從5.05-5.15億油當量提高至5.2-5.3億油當量,並把2021年的5.35-5.45億油當量提高至5.55億油當量,該行認為中海油的產量沒有直接受疫情影響,能在2019-21年維持5%的複合年增長率。

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