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《大行報告》瑞信:內地油股估值仍吸引 首選中海油(00883.HK)
瑞信發表報告指,沙地阿拉伯及俄羅斯出乎市場預期延長自願減產至年底,在供應減少下,亞太地區石油股下半年有上升空間,在中國的石油股當中,首選中海油(00883.HK),之後依次為中石油(00857.HK)及中石化(00386.HK),即使年初至今股價強勁,但估值仍然吸引。 該行指,中海油上半年產量按年升8.9%,相信全年產量會超過6.5億至6.6億桶油當量的目標,即按年增長4.6%,而上半年強勁現金流反映公司有空間提升派息比率,以2023年預測市盈率5倍,企業價值倍數EV/EBITDA 2.4倍、全年平均油價每桶85美元計算,即使今年以來股價上升,估值仍然低於歷史平均水平,維持評級「跑贏大市」及目標價15.5元。 該行對中石油及中石化評級均為「跑贏大市」,目標價分別為6.7元及5.5元。
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