里昂发布研报称，中国石油股份（00857、601857.SH）H股被市场错价；该行上调中国石油股份2026至2028年每股盈利预测2%至8%，并以SOTP估值将H股目标价由12港元升至12.4港元，A股目标价由15.9元人民币升至16元人民币，维持“跑赢大市”评级。
该行指，该股过去两个月大致横行，但油价及中国石油股份A股同期分别升约25%及19%，A-H溢价自9月起由27%扩阔至57%。按该行油价假设，H股现时交易于约9倍2027年预测市盈率，另有约6%股息率。
该行指，中国石油股份第三季净利润518亿元人民币，同比增长22%、按季跌7%；首九个月净利润1，580亿元人民币，已达该行及市场全年预测约89%。在油价维持偏高水平下，该行认为全年共识预测及股息派发仍有上行空间。四大分部盈利表现稳健，下游炼化及销售均录得正EBIT，与中国石化（00386）下游受压形成对比。
该行上调中国石油股份2026至2028年每股盈利预测2%至8%，并以SOTP估值法得出上述目标价。
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.