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《大行報告》花旗下調中海油(00883.HK)目標價至15.8元 評級「買入」
花旗發表報告指,在今年較低的油價環境下,即使中海油(00883.HK)產量增長約6%,其盈利能力亦無可避免地將按年下跌。該行降中海油目標價由17元下調至15.8元,反映對其資本開支上升的預測,維持「買入」評級。 不過,該行指中海油每桶產油成本28美元,非常具有競爭力。經過兩年的產量增長,該行相信中海油於2025年每日20億的產量目標已經步入正軌,但對未來股價最重要因素是後年之後的產量增長前景和生產成本狀況。據該行保守估計,中海油於2025年至2030年產量年複合增長率為3.7%,對比2020年至2025年為7.2%。 花旗今明兩年最新的布蘭特原油預測分別由80和55美元,各調整為81和73美元。
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