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《大行報告》匯豐研究:仍偏好內地上游石油和天然氣生產商而多於下游公用事業 上調中海油(00883.HK)目標價至20.2元
匯豐環球研究發表報告指,雖然油價下跌,但在成品油生產和需求改善帶動下,中資上游油氣龍頭的表現仍保持韌性。行業中,該行繼續看好上游油氣生產商,而非下游天然氣公用事業商,因上游具有更好的盈利能見度,加上有吸引力的股息收益率。 在勘探和生產(E&P)板塊,中石油(00857.HK)仍是匯豐的首選,因該企在當前油價環境中有韌性,可支持持續盈利及自由現金流,使公司有更好的機會加強股息分派。 該行調整部分中資油氣及公用股目標價(另見表),其中對中海油(00833.HK)料於2026年產量增長6%至7%持樂觀態度,將其H股目標價上調22%,由16.5元升至20.2元,評級維持「買入」。 此外,由於新接駁業務的不確定性,匯豐對天然氣公用事業股整體持審慎態度,更看好新奧能源(02688.HK)(非天然氣業務)及北京控股(00392.HK)(收益率有吸引力,新連接風險最小)。
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