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《大行報告》匯豐研究上調內地三大油企目標價 首選中海油(00883.HK)
匯豐研究發表報告表示,內地三大油企2022年上半年業績符合預期,中期盈利創紀錄高位,上調三大油企目標價,首選中海油(00883.HK),認為其估值吸引,股東回報有改善,而且表明H股或有可能回購,儘管細節仍未確定,惟是值得關注的催化劑。該行將其目標價由12.3元上調至12.7元,評級「買入」。 該行又將中石油(00857.HK)目標價由3.5元上調至3.8元,評級「持有」,認為上行驚喜不多,但維持45%派息比率;至於中石化(00386.HK)對下游疲弱風險暴露最多,但下行風險有限,因為內地政府宣布對下游煉油廠提供補貼,而且公司宣布會回購股份,將其目標價由3.9元上調至4.1元,評級「持有」。 匯豐研究預計勘探與生產將在油價上漲的情況下保持強勁,估計2022年下半年每桶油價為100美元,但下游風險持續,內地化工品需求停滯不前,部分原因是建築業放緩以及被壓抑的供應預計將在2022-2023年釋放。 該行預計三桶油的燃料需求將逐步但不均衡地復甦,因此政府放寬防疫措施所提供的支持仍然是關鍵因素。
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