《大行報告》花旗上調中資油股目標價 中海油服(02883.HK)評級升至「買入」
花旗發表研究報告指,隨著各國陸續放鬆封鎖措施,能源需求有所改善,加上產油國減產,大宗商品團隊對中期油價前景變得更加樂觀,但預期全球庫存量到頂,短期內油價仍有可能下跌及表現較波動。該行預測,布蘭特原油價格今年至2022年每桶價格將為36、56及59美元,但今年第二季平均仍會維持約17美元的低水平。
該行相信,下游板塊將於第二季逐漸恢復,但勘探與生產業的虧損或加劇,由於目前油價低於成本,4月布油均價為27美元,而中海油(00883.HK)每桶油當量成本約為30美元,預期將小部分受影響;中石油(00857.HK)成本約為45美元,料其勘探與生產將不能避免地陷入巨額虧損,以有油每桶27美元計,料公司第二季勘探與生產業務將虧損27億元人民幣。
花旗將中海油服(02883.HK)由「中性」上調至「買入」,目標價升至8.5元,指出中海油國內資本支出指引維持在560億元人民幣,而早前預期是減少10%至15%,認為中海油服目前的股價和估值已經回到2016年的水平,屬已超賣。
該行指,上調中石化(00386.HK)目標價由3.6元升至3.9元,維持「中性」評級;升中海油(00883.HK)升目標由7.8元升至9.3元,維持「中性」評級。
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