摩通:予中石油(0857.HK)“增持”評級 目標價6.82港元
摩根大通發表研究報告指,上日(16日)該行參與上海陸家嘴能源與金融論壇籌劃的國家油氣管道研討會。今天的媒體評論指國家油氣管網公司或於明日(18日)掛牌,整體而言,該行料其成立將有利終端客户及改善內地油氣流動性,料對中石油(0857.HK)
估值有利。
該行予其“
增持
”投資評級,目標價6.82港元。
報告稱,對如中石油的油企而言,國家油氣管網公司成立後,上中下游的綜合經營模式料被打破,其對市場的影響力亦縮減。而中石油發展策略及組織架構或需要優化及調整。資本料更專注於上游開採及發展,以及致力進軍下游市場。另油氣管網的收入及利潤料下降。市場在核心領域的競爭勢將加劇。
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