中石油及昆仑能源涨近7%-12% 瑞信料短期内分拆天然气管道业务予跑赢大市评级
瑞信料中石油(00857.HK)及昆仑能源(00135.HK)短期内分拆天然气管道业务,加上油价昨晚创四个半月高,带动前者股价重越10天及20天线,高见2.91元,现造2.85元,涨6.7%,成交急增至2.33亿股,涉资6.61亿元;後者股价四连升,最高见6.35元,创逾五个月高,现造6.22元,急涨12%,成交激增至逾1亿股,创两年高,涉资6.16亿元。
瑞信指,中国国家管网公司的管道分拆已正式开始,继中石化冠德(00934.HK)率先公布交易详情後,预计中石油及昆仑能源可能於短期内或未来数天公布分拆详情。报告指,由於冠德公布交易作价意味估值为市账率1.43倍,相当於2014年榆济管道注入时估值,高出市场预期分拆管道估值约为市账率1倍相当多,而且是次作价32亿元为全现金。该行预期,中石油及昆仑管道分拆估值考虑或由市场推动,而非约1倍市账率。交易料可能会涉及相当一部分现金,而昆仑分拆或会出现类似中石化冠德全现金交易。另外,交易完成日期估计为9月30日。因此,维持中石油及昆仑能源股份「跑赢大市」评级,目标价分别3.6元及8.5元;并指中石化冠德分拆显示该行基础情境预测有上升空间,相信可推动更为显着估值重评过程。
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