花旗:维持对中海油(00883.HK)买入评级 目标价10.6港元
就路透近日引述消息人士透露,美国政府拟将中海油(0883.HK)增加至黑名单,禁止美国投资者投资该企。花旗发表报告表示,美国相关部门未有回应上述传闻,中海油旗下中海油田(2883.HK)亦未有清晰指引会否受到上述禁令传闻所影响。
彭博数据显示,美国投资机构持有约6.6%的中海油股份,基于中海油是不少指数的成份股,估计美国投资者持有中海油6.6%可能被低估,该行认为基于要符合美国规定,料部分投资者将不得不退出中海油,料导致中海油短期内表现受压。
花旗表示,料中海油总体营运受美禁令影响将有限,在最坏的情况下,中海油将不得不处置其在美国Eagle Ford、Rokies的页岩油资产,以及GOM中的Stampede&Appomattox资产,约占其产量和储量的6%。
该行估美禁令对中海油田营运业务上影响非常有限,公司在美国市场上没有任何业务,其经抛售后将提供买入机会,但是该行估计美国投资机构持有中海油田股权有较高水平,基于彭博资料,黑石集团,资本集团,摩根大通和惠灵顿共持有中海油服H股约21%的股权和约35%的自由流通量。虽然该行不是确定上述所有这些资产都归美国实体所有,但一旦禁令属实,料部分的股份或必须被处置。
而花旗维持对中海油买入评级及目标价10.6港元。
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