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《大行報告》摩通上調中石油(00857.HK)目標價至7元 相比寧德時代(300750.SH)折讓仍然過大
摩根大通發表研究報告指出,中石油(00857.HK)A股及H股股價今年至今已累漲超過60%(相對於同期上證指數持平,恆指累跌11%),但仍比2007至2014年水平低50%,儘管該行料公司今年淨利潤將達1,620億元人民幣創新高,較2007至2014年平均水平超出25%。 該行維持對布油價格將於9月達至高峰的預測,並在年底有小幅下跌的空間,但預期明年仍將保持在每桶80至90美元的範圍上落,至2030年將維持在每桶80美元水平。而中石油作為一定綜合石油公司,是油價上升的受惠者,該行預測油價在每桶80至100美元區間內,當每桶油價上升1美元時,中石油的經營溢利將增加15億元人民幣。 此外,摩根大通認為雖然中石油A受及H股較寧德時代(300750.SH)跑贏86%及114%,但在油價每桶80美元的情況下,中石油的企業價值僅1.5萬億元人民幣,相對於寧德時代的8,000億元人民幣。雖然中石油的盈利較寧德時代高出3至4倍,但相比寧德時代折讓仍然過大。該行對中石油H股目標價由6.1元上調至7元,評級「增持」。
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