《大行報告》匯豐研究升中海油(00883.HK)目標價至16.6元 仍有望派發豐厚股息
匯豐研究發表報告指出,中海油(00883.HK)透露去年產量6.75億桶油當量,高過該行預期及公司原先指引。公司三年目標表明至2026年的產量年均複合增長率為6%至7%,估計將導致公司資本開支大幅增加。
該行預測今年油價將按年持平,中期則於每桶75至85美元水平上落。另對中海油維持建設性態度,對其盈利能力及現金流保持樂觀,或有助公司提高股東回報。該股現時估值吸引,現價相對於2024年預測市盈率4.4倍,股息率達9.3%,仍有望派發豐厚股息。
此外,該行指中海油去年資本開支按年增長25%至約1,280億元人民幣,帶動產量創新高,估計今年資本開支將增加至約1,250億至1,350億元人民幣。儘管資本開支可能會繼續增加,以維持和擴大產量,該行預計公司自由現金流將保持韌性,料公司2023至2025年的自由現金流將達至約1,000億元人民幣,遠高於股息支付的要求(約600億元人民幣)。該行對中海油維持「買入」評級,目標價由15.5元上調至16.6元。
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