大行評級 | 大摩:看好中石油燃氣業務,上調目標價至6.5港元
格隆匯4月25日丨大摩發研報指,中石油(0857.HK)似乎希望提升其燃氣銷售的定價能力,以進一步增強其財務狀況來支持未來10年的新能源投資,促進其天然氣經濟的框架已經建立,使其油價如高收益債券般具防禦性。報吿將中石油H股目標價由5.8港元調升至6.5港元,評級“增持”。報吿指,近期天然氣行業的走勢和集團的新能源計劃促使該行上調中石油未來5年的氣價上行幅度,最新預計2027年天然氣價格將逐步提升每立方米0.2元人民幣。鑑於天然氣資產淨值較高,報吿因而上調中石油的目標價。
報吿又提到,儘管年初至今在國企改革和股東回報增加的推動下,中石油的股價持續上升,但認認為該股股價仍然吸引。若果油價長期跌至60至70美元水平,市場或會擔心中石油能否維持目前的高收益,但認為集團石油盈利能力潛在下降的影響,或被天然氣業務帶來的潛在利潤增量所抵銷,相信集團將於未來5年鎖定1300億至1600億元人民幣的盈利或9%-11%的收益率。

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