《大行報告》中銀國際上調中海油(00883.HK)目標價至19.95元 探明儲量創歷史新高
中銀國際發表研究報告指,中海油(00883.HK)2023年淨利潤按年下跌13%,低於該行預測約6%。該行指公司收入略低於預期,主要是由於2017年年中開始收購採礦權的支出高於預期,以及無法預料的35億元人民幣的資產減值引致。不過在同一時間,公司幾乎在其他主要參數上均有強勁的業績表現。油氣淨產量6.78億桶油當量,按年上升9%。公司單位營運支出和總成本亦分別較2022年同期下降3%至5%。至於派息比率亦由41.4%提高至43.5%。
該行亦指公司在2023年達到180%的儲量替代率。截至2023年底,公司油氣儲量達67.84億桶,為公司歷史最高水平。雖然油氣產量不斷增長,不過公司的儲備壽命仍維持在10年。該行估計,若果以30%的恢復率計算,中海油最近在南海深海及渤海新發現的油田,將進一步增加公司油氣儲量7%。因此中銀國際將中海油目標價由18.49元上調至19.95元,重申「買入」評級。(js/k)
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