《大行報告》大和下調中海油(00883.HK)目標價至9元 評級「跑贏大市」
大和發表報告指,中海油(00883.HK)上半年純利稍優於預期,按年增長221%,相當於市場及該行今年全年預測分別54%及53%。受惠於實現油價按年上升61%至每桶62.38美元,加上產量增加,集團上半年收入按年提升48%至1,100億元人民幣。
該行表示,中海油上半年資本開支360億元人民幣,按年僅上升1.1%,遠低於該行預期,並只佔集團全年開支目標900億至1,000億元人民幣的36%至40%。管理層解釋稱今年目標是能夠達到,因今年19個項目中有13個於下半年展開,所以資本開支會較上半年增加。
另外,集團預期今年下半年及明年油價會維持在每桶70美元以下,該行將油價今年預測由每桶62美元升至65美元,代表下半年處每桶65美元。至於明年預測亦維持在65美元。
大和下調中海油股份目標價,由10.8元降至9元,評級維持「跑贏大市」,今明兩年每股盈利預測調升5%至8.8%。
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