大行評級|大摩:下調“三桶油”H股目標價 預計中海油將繼續跑贏
摩根士丹利發表研究報吿指,美國共和黨總統候選人特朗普近日表示贊成大幅增加該國石油產量,引發市場對油價的憂慮,疊加市場對美國經濟可能出現衰退的擔憂,致早前石油上游企業股份被拋售。然而該行目前認為中國能源行業的高收益投資主題依然穩固,指出企業紛紛將資源從拓展業務規模,轉為配置在提升股東回報方面。以該行假設布油或跌至每桶60美元的壓測計,因此即使油價進一步調整,相信中國油企仍有能力維持具吸引力的股息回報率。大摩認為,若“三桶油”中有一家油企以提升派息來為市值帶來支持,其餘兩家亦很可能會跟隨,特別是管理層均強調專注於提升股本回報率及市值管理,現時將中石化H股評級從“增持”下調至“與大市同步”,目標價由5.73港元降至5.63港元。考慮具可持續性的高收益率及天然氣產業結構性增長,大摩對上游行業維持建設性看法,將中海油H股目標價從22.7港元降至21.8港元,預期憑藉其成本管控,中海油將在三桶油當中繼續跑贏,評級“增持”;中石油H股目標價則從8.94港元降至8.76港元,同予“增持”評級,料獲進一步估值重評。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.