大行評級|高盛:維持中海油“買入”評級 首季業績超預期
高盛發表報吿指,中海油首季純利按年增長24%,超出該行預期,而同期布油價格按年跌約0.5%,相信表現向好主要由於期內產量增長超出公司指引、石油銷售價格高於預期,以及成本上升幅度較預期少等所致。
該行指出,中海油首季自由現金流已達到全年預期的40%,資本開支則為全年指引的21%,處於歷史水平較高位,預期全年產量及資本支出指引將維持不變。雖然中海油股價有所上揚,但高盛指出,與同行相比,其估值水平仍然偏低,目前預測今明兩年自由現金流收益率為9%及13%,股息回報料各達7%,維持“買入”評級,目標價22港元。
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