南洋行家论股
沙布拉能源分拆探产可推高估值
目标价：1.00令吉
最新进展：
随着国际油价回升至每桶70美元以上，沙布拉能源（SAPNRG，5218，主板贸服股）的勘探与生产（E&P）业务重新成为焦点。
行家建议：
沙布拉能源早前曾建议分拆E&P业务上市，如今此事看起来越来越有成算，这将有助推高估值。
目前，沙布拉能源E&P臂膀在国内的净存储量为2.53亿桶油当量。
我们假设，布兰特原油价为每桶65美元，而产油成本为55美元；天然气价每百万热能单位3.25美元，而生产天然气成本为1.50美元。
综上所述，我们重估后的E&P业务资产值高达20亿美元（约77.77亿令吉）。根据沙布拉能源的2017财年财报，E&P业务的净资产值为50亿令吉。
因此，根据分类加总估值法，沙布拉能源每股应值2.76令吉，比账面价值高73%，同时也等于现股价的3.8倍。
我们认为，沙布拉能源的目标价仍有很多上修空间，原因就如上所述，公司现股价水平比账面价值要低73%。
http://www.enanyang.my/news/20180420/沙布拉能源分拆探产可推高估值/
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