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《大行報告》瑞信降安東油服(03337.HK)評級至「跑輸大市」 目標價下調至0.45元
阿思達克 03-18 10:55
瑞信發表報告表示,除了國內勘探與開發資本支出放緩之外,相信在油價下跌下,安東油服(03337.HK)的海外業務,尤其是伊拉克可能會面臨更大的風險。在財政赤字的背景下,中東地區的勘探與開發資本支出將面臨更高的不確定性。

報告補充,據報道伊拉克考慮在油價暴跌後停止對大多數能源項目的投資,而伊拉克是安東油服最大的海外市場。不過,該行估計,安東油服今次會比2015/16年行業下行周期來得易過,主因公司自由現金流有改善及項目收回管理較佳下,估計公司今明兩年仍維持盈利狀態。但該行下調其2020至2021年盈利預測73%至79%,目標價由0.8元降至0.45元,且評級由「中性」降至「跑輸大市」,以反映疲弱的行業前景及不確定性增加。

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