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《大行報告》麥格理降中海油(00883.HK)評級至「跑輸大市」 目標價下調23%至8.9元
阿思達克 12-08 10:38
麥格理發表報告,指中海油(00883.HK)早前上調今年資本支出預測至介乎1,200億至1,300億元人民幣,較早前指引高了兩成,亦是近數年首次出現超支情況。該行表示,不相信是次事件屬一次性,因公司自去年起經歷CEO及CFO轉變後,未來年度資本支出上升,尤其在全球離岸油田服務超級週期期間,公司正努力增加儲備及生產。 該行指,將中海油今年資本支出預測上調至1,200億元人民幣,同時將公司在2023年至2025年的各年每股盈測分別下調2%、10%及3%,以預測明年市盈率3倍為估值基礎,將其H股目標價下調23%至8.9元;考慮現金流展望惡化、資本開支增加及該行下調國際油價預測後,以每年派息比率40%為假設,該行料至2026年中海油自由現金流將轉負,撇除派息的自由現金流料至2025年將轉負;其評級由「中性」降至「跑輸大市」。
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