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《大行報告》摩通上調中石油(00857.HK)目標價至4.7元 評級「增持」
摩通發表的研究報告指,今年以來中國石油股份(00857.HK)股價升約53%,跑贏該行覆蓋的內地能源行業,亦跑贏其目標價,該行將油價預測升至每桶70美元,並料2021/22年淨利將分別爲920億元及840億元人民幣,分別較市場預測高38%及26%。雖然夏天爲燃氣傳統淡季,不過內地LNG價格於6月持續上升,主要受惠需求強勁及內地能源短缺,該行認爲未來數年燃氣價格仍傾向上行,主要因爲內地轉向清潔能源,估計公司將受惠,維持「增持」評級,目標價由3.6元上調至4.7元。

該行估計到年尾油價將升至每桶80美元,而該行的歐洲團隊認爲,因爲過去五年投資不足,料到2025年供應或出現每日300萬桶的短缺,屆時油價或會升至每桶100美元,該行估計倘油價升至100美元水平,假設成本升三成,公司淨利將有1,500億元人民幣。

該行指出6月11日公司A/H股分別升4%及6%,主要因爲有媒體報道大連石化有機會搬遷及擴張,雖然計劃已採討多年,進展緩慢,不過潛在獲批將改善其下遊石化整合。(el/u) ~

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