大行評級丨瑞銀:下調中海油目標價至26港元 下調油價及公司盈利預測
瑞銀髮表研究報告指,中海油今年首季純利按年跌8%,按季升72%至365.6億元,符合預期。該行將公司今年至2027年的盈利預測分別降10%、12%及4%,以反映該行最新的油價預測,惟稱相信公司會維持亮麗的生產增長及成本優勢。該行亦將H股目標價由28.2港元降至26港元,評級“買入”。考慮貿易戰帶來壓力及油組增產,該行本月已下調油價預測,目前料今年至2027年各年油價爲每桶66美元、65美元及70美元,認爲油價下跌會影響公司盈利。不過公司亦稱,即使在低油價環境下,仍然會盡力減低每桶成本,以維持其成本及現金流的領導地位,同時也會專注在併購機會。至於2025年至2027年的生產指引,公司維持在7.6億至7.8億、8億至8.08億,以及8.1億至8.3億桶油當量。
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