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一文綜合大行於中海油(00883.HK)公布業績後最新評級、目標價及觀點
阿思達克 08-20 11:33
中海油(00883.HK)今早股價受壓,盤中曾低見7.63元一度跌5.9%,最新報7.79元跌3.9%,里昂預期油價明年升幅放緩,因油組及夥伴國增產以平衡需求,並指中美關係不確定性或影響中海油中長期增長趨勢。中海油昨(19日)收市後公布中期業績,純利按年升2.21倍至333.29億元人民幣;每股盈利0.75元人民幣,派每股中期息30港仙,上年同期派20港仙。期內營業額按年升48%至1,102.33億元人民幣。 公司上半年油氣淨產量按年升8%至逾2.78億桶油當量新高,其中國內淨產量按年升11%至近1.93億桶油當量。油氣銷售收入按年升52%至1,006.3億元人民幣。上半年桶油主要成本為28.98美元,桶油作業費為7.31美元。 【中期業績強 憂油價前景】 瑞信指,中海油半年純利為該行全年預測的46%。在油價較去年下半年升15%情況下,相信市場對公司全年盈利預測有機會上調。該行亦指,公司中期業績強勁顯示其強勁的經營槓桿,縱使成本因人民幣升值而上升,但半年資本開支僅為全年預算38%。基於管理層重申維持全年資本開支預算,意味下半年將加大投入。此外,中海油管理層在業績電話會中重申全年產量目標,但上半年產量增幅較全年目標所預計的增幅為大。該行上調中海油2021至2023年每股純利預測2%至3%,上調目標價,由12.5元升至12.8港元,維持「跑贏大市」評級。 里昂認為,中海油中期業績良好,受惠油價上漲及破紀錄的油氣產量。產量穩定增長及具紀律的成本控制為中海油盈利復甦的基礎,但該行預期油價2022年升幅放緩,因油組及夥伴國增產以平衡需求,庫存則維持正常水平。此外,中美關係不確定性或影響中海油中長期增長趨勢。該行下調對中海油目標價,由9.5元降至9.2港元,維持「跑贏大市」評級。 ------------------------------------------ 本網最新綜8間券商對其投資評級及目標價: 券商│投資評級│目標價 高盛│買入│14.3元 瑞信│跑贏大市│12.5元->12.8元 花旗│買入│12.7元 摩根士丹利│增持│12.22元 瑞銀│買入│12.1元 匯豐環球研究│買入│11.9元->10.9元 里昂│跑贏大市│9.5元->9.2元 大和│跑贏大市│10.8元->9元 券商│觀點 高盛│次季業績勝預期,受惠強勁產量增長及成本通脹較低 瑞信│中期業績強勁,全年產量目標有潛在上調空間 花旗│盈利強勁復甦,產量增長超預期 摩根士丹利│破紀錄產量兼具持續成本紀律 瑞銀│盈利接近歷史紀錄 匯豐環球研究│強勁盈利動力應在下半年持續 里昂│料油價明年升勢放緩,中美關係不確定性或中長期影響增長趨勢 大和│半年純利稍勝預期,資本開支遜預期
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