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中石油及昆侖能源漲近7%-12% 瑞信料短期內分拆天然氣管道業務予跑贏大市評級
阿思達克 07-22 11:39
瑞信料中石油(00857.HK)及昆侖能源(00135.HK)短期內分拆天然氣管道業務,加上油價昨晚創四個半月高,帶動前者股價重越10天及20天線,高見2.91元,現造2.85元,漲6.7%,成交急增至2.33億股,涉資6.61億元;後者股價四連升,最高見6.35元,創逾五個月高,現造6.22元,急漲12%,成交激增至逾1億股,創兩年高,涉資6.16億元。

瑞信指,中國國家管網公司的管道分拆已正式開始,繼中石化冠德(00934.HK)率先公布交易詳情後,預計中石油及昆侖能源可能於短期內或未來數天公布分拆詳情。報告指,由於冠德公布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,而昆侖分拆或會出現類似中石化冠德全現金交易。另外,交易完成日期估計為9月30日。因此,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;並指中石化冠德分拆顯示該行基礎情境預測有上升空間,相信可推動更為顯著估值重評過程。

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