《大行報告》麥格理首予中海油(00883.HK)「中性」評級 將中海油服(02883.HK)納入買入名單
麥格理髮表研究報告,指自2014年上一個週期見頂後,由於ESG相關擔憂增加,以及西方國家對中海油(00883.HK)的制裁,市場對中國油股的關注相對減少。根據該行預測2023年布油價格將達到每桶76美元,認爲行業內有部分企業明顯被低估,當中較看好中海油服(02883.HK)。
報告指出,自2020年見底以來,全球海上鑽井平臺及油田服務商進入中期復甦階段,特別是歐洲與俄羅斯出現能源脫鉤,令海上開發需求增加。該行指出,中海油發現重要的中國海上頁巖油儲量,預料2025年以後可能出現海上石油開發的新資本支出週期,麥格理給予中海油「中性」評級及目標價8.5元。
麥格理認爲,中海油服的商業模式已轉爲輕資產油田服務,通過低風險租賃鑽機進入輕資產鑽機服務,商業模式轉變帶來估值重估的機會;同時由於長遠開發可見度提高,預期中國海上頁巖油及風電開發可能會使中海油服股東受惠,給予中海油服目標價13.9元及「跑贏大市」評級,並納入該行精選買入名單。
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