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《大行報告》瑞銀:中海油(00883.HK)營運表現領先 料投資者反應正面
瑞銀髮表報告指,中海油(00883.HK)營運表現領先,料投資者反應正面,加上基本面持續表現出色,予評級「買入」,目標價12.1元。 瑞銀指,管理層在分析師業績簡報會上表示,資本支出可能會達到指引的低值,在中國的石油和天然氣產量分別按年增長11%和12%。而今年首九個月有18個新發現,27個成功評估。管理層提到,圭亞那的總可採資源量已經超過100億桶,當中25%歸屬於公司。對於A股IPO,管理層表示公司打算髮行不超過26億股A股,並集資350億元人民幣。 報告指,中海油第三季和首九個月的綜合石油和天然氣產量按年增長9至10%,超過了瑞銀預測的全年7%增長和管理層的6至8%增長指導。 瑞銀繼續認爲中海油目前被低估,目前市場對其優於預期的基本面沒有反應,催化劑似乎不確定。不過,該行仍然相信中海油估值具有吸引力,最終來自內地投資者的額外資金流將爲其股價提供支持。在此之前,相信只要布蘭特原油價格達到或超過每桶60美元,投資者可實現該行估計的9%的股息率。
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