大行评级丨杰富瑞:首予中海油田服务“买入”评级,H股目标价11港元

格隆汇
Sep 23
杰富瑞发表报告,首次覆盖中海油田服务,给予“买入”评级,H股目标价11港元,A股目标价18元。A股目标价基于预测2027年企业价值对EBITDA比率约7.7倍(历史五年平均值,较钻井/服务同业保守)与现金流折现的对等权重混合;H股目标价则基于较A股47%的折让(当前隐含折让)。该行认为,市场低估了离岸上升周期的持续性,即使其油田服务主导盈利模式日益增长,仍持续将中海油田服务视为钻井公司。深水增长及液化天然气带动的投资支持离岸支出,加上公司对中东波动的免疫性、强劲的设备利用率及自由现金流产生能力,使其成为结构性的离岸投资标的。

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