《大行報告》大和降安東油服(03337.HK)評級至「跑贏大市」 目標價下調至0.7元
大和發表報告表示,日前石油輸出國組織(OPEC)與俄羅斯的減產協議破裂,故該行下調布蘭特期油價格預測,今年由每桶58美元降至45美元,而明年亦由每桶64美元降至50美元,但相信對安東油田服務(03337.HK)的影響相對同業為低,主因其本地業務比例較高。報告補充,安東油服之輕資產業務模式以及伊拉克的低生產成本可在某種程度上緩解低油價的影響,但倘油價持續低迷,則可能影響伊拉克政府融資活動及導致項目延誤。管理層擬進一步壓低成本以維持積壓訂單。大和削減安東油服2020至2021年每股盈測介乎12%至13%,以反映油價疲弱拖累海外需求低於預期,亦削今明兩年收入預測各7%,並下調毛利率預測各0.5個百分點;目標價相應由1.2元下調至0.7元,相當於今年預測市帳率0.6倍,屬2012年1月以來歷史低位。惟認為安東油服現時估值已疲弱,故僅將其投資評級由「買入」降至「跑贏大市」。
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