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《大行》兩鑽井平台合同提前終止 麥格理降中海油服(02883.HK)目標價29%至8.6元
阿思達克 06-19 15:29
麥格理研究報告指,近日報道提及,沙地阿美(Saudi Aramco)提前終止了中海油田服務(02883.HK)兩座鑽井平台的合同,分別為COSLBoss和海洋石油936,目前該兩座鑽井平台均位於沙地阿拉伯的船廠,且無進一步的合同承諾,有關賠償亦尚未確定。 麥格理認為,中海油田服務可能低估了中東市場的風險,且部署產能和資本支出過快、過廣,將其2025年至2027年收入預測下調1.5%至2.4%;另分別下調其2025、2026及2027盈利預測至15%、9%、7%,以反映中東地區鑽井平台暫停營運的影響,以及自升式鑽井平台暫停和半潛式平台成本上升的影響。 該行基於分類加總估值法(SOTP)的估值方法,將中海油服的目標價下調29%至8.6元。但鑑於29%的隱含總回報率,該行維持其「跑贏大市」評級。
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