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《大行報告》匯豐研究微降「三桶油」目標價 看好中海油(00883.HK)
匯豐研究發表研究報告指,由於地緣政局緊張,首季布蘭特期油價格維持於多年高位,現貨液化天然氣(LNG)價格亦高企,預期上游勘探及生產企業可從中受惠,其中中海油(00883.HK)為覆蓋股份中槓桿率最高,其首季盈利增長指引達到61%至89%。 該行指出,內地多地出現疫情,建築活動放緩,石化產品及廣泛下游產品需求下降,化工產品利潤率受壓,各地封城措施同時打擊煉油產品需求,但由於境內市場定價法規所限,上游難以轉嫁成本,考慮到中石化(00386.HK)對化工和煉油產品等下游敞口較大,對上述風險最為敏感。 匯豐研究表示,看好中海油股息政策有所改善,同時相信中海油A股上市對H股將帶來支持,認為任何特別息及回購消息都將成為值得關注的催化劑,予「買入」評級,目標價由13.1元微降至13元。 該行維持中石油(00857.HK)及中石化評級為「持有」,H股目標價分別輕微下調至3.75元及4.29元,認為盈利前景停滯不前,下游業務更存在利潤率風險,但認為兩家公司環境、社會和企業管治(ESG)水平均見改善。
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