摩通:予中海油(0883.HK)“增持”評級 回A上市或助進一步重估
摩根大通發表研究報吿指,中國海洋石油(0883.HK)宣佈將在上海證券交易所上市,發行26億A股,佔擴大後股本5.5%,募集最多350億元人民幣,這意味着其A股的潛在上市價格約為每股13.5元人民幣/股,或6.8倍2022期市盈率,而中石油A股則為15倍2022年預期市盈率。 摩通予中海油目標價11港元及“增持”評級。
該行看好中海油的原因是公司具有一流的上游成本控制;而到2025年石油和天然氣產量的複合年增長率為7%;現有海上石油業務與海上風電場的協同效應,滿足中國對可再生能源日益增長的需求;穩健的自由現金流和股息等,亦指該股或有進一步重估的可能性。
該行表示,按照A股上市要求,中海油可能會公佈三年分紅政策,注意到中石油的派息率政策為“最少45%”,如果應用於中海油,則意味着2021年每股派息為每股0.79元人民幣,修正後的2021年每股派息預測為每股0.7元人民幣,假設派息率為40%,為10%(H股)。

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