《大行報告》匯豐研究下調內地三大油股目標價 偏好中海油(00883.HK)
匯豐環球研究發表報告,預計石油市場將大致平衡,但仍存在眾多風險因素,重申對今年下半年布蘭特原油價格預測為每桶100美元。
該行表示,在今年石油及天然氣價格上升的情況下,為行業開採及勘探創造強大利好,因此維持偏好中海油(00883.HK),股份評級保持「買入」,但目標價由13元下調至12.3元。匯豐認為,中海油對油價有最高的槓桿作用,相信集團會繼續強勢一段時間,而且其能有效控制成本,2021年至2025年的產量年均複合增長率達6%。
另外,雖然集團股價年初至今已上升23%,表現好於同期恆指的下跌7%,但匯豐認為中海油估值仍然吸引,相當於今年預測市賬率0.7倍,及股息收益率13%,由於其在今年初公布了新派息政策,相信收益率是可持續。
匯豐同時將中石化(00386.HK)股份目標價由4.29元調低至3.9元,維持「持有」評級,預期中國的投入成本上升,加上需求疲軟和定價監管將損害行業下游利潤,而中石化在該行覆蓋研究的行業股份中擁有最多下游業務。該行又將中石油(00857.HK)股份目標價由3.7元下調至3.5元,同樣維持「持有」評級,認為集團對比同業缺乏正面催化劑。
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