大和:油價反彈有利中海油服(2883.HK) 升目標價至8.8港元
大和總研發表研究報告指,中海油服(2883.HK)的股價在上月上升22%,相信升勢持續,加上近期油價大幅反彈,對中海油服與中海油(0883.HK)重新談判日價有積極意義。該行重申其買入投資評級,目標價由7.4港元上調至8.8港元。
大和預期,中海油服收入會在今年首4月繼續按年上升,特別在井服務。而該行上調中海油2020財年資本開支至675億元人民幣(單位下同),故上調中海油服全年度井服務收入及EBIT分別至162億元及32.49億元。
另外,大和認為,油價大幅反彈使中海油服與中海油重新談判日價有利,將自升式鑽井平台和半潛式鑽井平台的日費率假設在今年年分別提高2%,在2021年分別提高4%,以應對重新談判的可能結果。
在中期業績中,中海油服的一些海外訂單被取消及其預訂減值的記錄,該行預期,上半年將較2021年有更高的減值,並上調2020/21年度的減值支出由10億元/20億元提高至20億元/4億元。

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