《大行報告》瑞信料中石油(00857.HK)及昆侖(00135.HK)短期內分拆天然氣管道業務
瑞信發表報告指,中國國家管網公司的管道分拆已正式開始,中石化冠德(00934.HK)首先公布了交易詳情。該行表示,分拆時機肯定令市場感到意外,預計中石油(00857.HK)及昆侖能源(00135.HK)可能在非常短期內,或於未來數天會公布分拆詳情。
瑞信提到,中石化冠德公布的交易作價意味估值為市賬率1.43倍,相當於2014年榆濟管道注入時的估值,高出市場預期分拆管道估值約為市賬率1倍相當多,而且是次作價32億元為全現金。
該行預期,中石油及昆侖的管道分拆估值考慮或由市場推動,而非約1倍市賬率。交易料可能會涉及相當一部分現金,而昆侖的分拆或會出現類似中石化冠德的全現金交易。另外,交易完成的日期估計為9月30日。
瑞信維持中石油及昆侖能源股份「跑贏大市」 評級,目標價分別3.6元及8.5元,指中石化冠德的分拆顯示該行的基礎情境預測有上升空間,相信可推動更為顯著的估值重評過程。
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