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一文綜合券商於中海油(00883.HK)公佈去年業績最新目標價及觀點
中海油(00883.HK)今早股價偏淡,瑞信發表報告表示,中海油去年核心純利(在扣除80億元人民幣撥備後)實爲勝預期,去年下半年核心純利按年升1.94倍至430億元人民幣,爲2014年以來表現最佳的半年。但該行亦指業績強勁被中海油暫時不派發去年下半年股息影響,認爲做法令市場意外。 中海油昨日(30日)收市後公佈去年業績,營業額按年升58%至2,461.11億元人民幣,純利按年升1.82倍至703.2億元人民幣;每股盈利1.57元人民幣。公司去年油氣淨產量5.73億桶油當量創歷史新高。期內油氣銷售收入按年升59%至2,221.25億元人民幣,其中石油液體增68%至1,930.27億元人民幣,天然氣升18%至290.98億元人民幣。公司去年銷量按年升9%至5.52億桶油當量,當中石油液體增8%至4.41億桶,天然氣升12%至6,487億立方英尺。公司去年石油液體實現價格按年升66%至每桶67.89美元。 公司爲避免影響人民幣股份發行進度,決定暫不建議派發去年末期股息,並會在人民幣股份發行完成後儘快公佈特別股息方案,將原擬建議派發的去年末期股息,和香港上市二十週年特別股息作爲特別股息合併宣派。中海油亦預料首季純利介乎240億至280億元人民幣,按年升62%至89%。 【業績優預期 暫緩派股息】 瑞信表示,縱使按中海油說法,派息只是時間問題,並在A股上市完成後宣佈派息,但做爲帶來不必要的不明朗,因派息受A股上市進程牽連,且上市要視乎市場情況。該行認爲中海油股價短期對此反應負面,該行亦削減對中海油目標價由14港元降至13港元,維持「跑贏大市」評級。 摩根大通表示,預期市場對中海油業績反應正面,縱使管理層基於A股上市進展押後宣佈去年下半年股息,但承諾在上市後儘快派發末期息及特別股息。該行基於中海油去年業績及與中石油(00857.HK)等同業比較,預期中海油末期息加特別股息爲每股0.9元人民幣。該行亦預期中海油今年將派發0.86元每股股息,以反映不少於四成派息比率政策。該行相信公司今年總計派息或爲每股1.76元人民幣。該行因此上調對中海油目標價由12港元升至14港元,並維持「增持」評級。 ---------------------------------------- 本網最新綜合3間券商對其投資評級及目標價: 券商│投資評級│目標價(港元) 摩根大通│增持│12元->14元 匯豐環球研究│買入│12.7元->13.1元 瑞信│跑贏大市│14元->13元 券商│觀點 摩根大通│A股上市後料宣佈強勁派息,今年純利料創新高 匯豐環球研究│未來有更多股價催化劑 瑞信│去年業績強勁,但A股上市前不宣在去年下半年股息 (fc/w) ~
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