大行評級|摩根大通:中石油新管道氣定價方案出爐 提供良好入市機會
摩根大通發表研報指,中石油2025至2026年度管道氣合約總體定價方案已於近日發佈,認爲對其2025年綜合平均燃氣售價有正面影響,預期受天然氣採購成本下降的受動,中石油國內天然氣利潤將從2024年的每立方米0.19元,提升至2025年的每立方米0.21元,目前預測去年第四季淨利潤可達340億元。
目前油價水平較摩通今年第二季預測每桶77美元合理價值低約8%,該行認爲現時是投資者買入中石油的一個良好時機,憧憬其天然氣業務盈利結構性改善、股息回報率達8%,以及中長期股東回報政策有望改善,給予目標價9港元,評級“增持”。
而在中國天然氣分銷商當中,相比起華潤燃氣,摩通更看好崑崙能源和新奧能源,同予“增持”評級,各予目標價8.35港元及63港元。
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