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<Research>BOCI Downgrades CN Oil Sector/ SINOPEC CORP (00386.HK) to Neutral/ Hold
Recommend 41 Positive 85 Negative 36 |
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Due to OPEC+'s unexpected acceleration of output cuts, oil prices remained sluggish after a sharp drop in early April, BOCI released a research report saying. Therefore, BOCI believed that oil prices will remain weak for some time, and lowered its 2025-2026 oil price forecasts by 7-8%. Meanwhile, the broker downgraded SINOPEC CORP (00386.HK) to Hold and the rating on China's oil industry from Overweight to Neutral. CNOOC (00883.HK) remains its top pick in the industry, BOCI added. The company's low costs and substantial output growth will mitigate the negative impact of falling oil prices on earnings. Stock│ Rating│ TP CNOOC (00883.HK)│Buy│$23.55→$22.14 PETROCHINA (00857.HK)│Buy│$8.08→$7.17 SINOPEC CORP (00386.HK)│Buy→ Hold│$4.58→$4.32 AASTOCKS Financial News Website: www.aastocks.com |
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