《大行報告》麥格理首予中海油(00883.HK)及中石化(00386.HK)「跑贏大市」評級 中石油(00857.HK)評級「中性」
麥格理發表報告,首次覆蓋研究中國三大油企,予中海油(00883.HK)「跑贏大市」評級,目標價11.75元;中石化(00386.HK)評級同為「跑贏大市」,目標價4.65元;中石油(00857.HK)則予其「中性」評級,目標價2.94元。
該行表示,中海油為低成本的生產商,且有非常強勁的資產負債表,未來亦料可有良好的自然增長。中石化則料可受惠於經濟/燃燒銷售復甦,其化學產品毛利率亦預期可有改善,並可能有派息驚喜。至於中石油可能受惠於內地管線重組帶來的資本重組,但難以圍繞此主題建立投資情境。
該行指,基於供應及需求不平衡,未來一年油價復甦進程較為波動,較看好具質素的油股,對於尋求利潤沒有太大風險的投資者,中海油是其首選。
麥格理稱,今年為油股經營具困難的一年,板塊出現盈測下調及削減息情況,令投資者重整對板塊的期望。惟該行相信,中海油及中石化派息有望勝市場預期,料兩者股息收益率分別為4%及4.4%。
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