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《大行報告》高盛料中海油(00883.HK)今年股息率約10% 現股價僅相當於油價65美元
高盛發表報告指,中海油(00883.HK)在上日(25日)舉行策略日上表示,今年產量料達每天約185萬桶油當量,符合該行預期,並提到2026年達每日222萬至227萬桶油當量的產量目標,意味著2023年至2026年的年均複合增長率料介乎6.3%至7.1%,比去年宣布的產量目標有所提高,基於指引範圍的中值計,2024和2025年的產量目標分別提高2.2%和7.5%。中海油新的2025至2026年生產目標比高盛估計平均高出4%。 高盛指,中海油管理層預計2023年的資本支出約1,280億元人民幣,處於之前預期上限,並預計2024年的資本支出將達到1,250億至1,350億元人民幣,符合該行預期的1,300億元人民幣。 高盛予中海油目標價14.9元,重申「買入」評級,因為認為該公司極具競爭力的項目組合,新項目的盈虧平衡油價在每桶20至35美元之間,完全有能力在油價上漲中受惠。該行宏觀團隊預計2024年布蘭特原油價區間為每桶介乎70至90美元。 另外,高盛預計中海油2024年度股息率料約10%,而中海油目前的股價是以每桶65美元的油價計算。
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