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<Research>M Stanley Cuts TPs for '3 Oils'; PETROCHINA Remains Best Natural Gas Play in 2024
Recommend 27 Positive 38 Negative 27 |
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The upstream energy business remained solid in 2024, with the RMB depreciation largely offsetting the decline in oil price, Morgan Stanley released a research report saying. Higher natural gas prices and sales growth supported earnings growth in the upstream business. In addition, the downstream business weakened YoY, as expected, while PETROCHINA (00857.HK) remained the best player in natural gas business in 2024. Overall, the broker lowered its 2024/ 2025 profit forecasts for PETROCHINA by 2%/ 6% each, and cut its target price on the stock's H-shares from $8.76 to $8.3, with rating at Overweight. In the case of SINOPEC CORP (00386.HK), Morgan Stanley forecasted the Company to face higher earnings pressure than upstream companies. In its current profit forecast, the broker noted that its results may be worse than previously expected. Therefore, Morgan Stanley significantly reduced its profit forecast for SINOPEC CORP to reflect the weaker-than-expected weakness in the downstream business, as well as the possibility of a significant impairment loss in the downstream business in 2024. The broker dropped its target price for SINOPEC CORP's H-shares from $5.63 to $4.95, with rating at Equalweight. Regarding CNOOC (00883.HK), Morgan Stanley reduced its FY2024/ FY2025 earnings forecasts by 4%/ 1%. Meanwhile, the broker correspondingly trimmed its target price on CNOOC's H-shares from $21.8 to $20.7, with rating at Overweight. AAStocks Financial News |
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