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<Research>Daiwa Names ENN ENERGY, NEWAY as Top Picks, Expects Oil & Gas Prices to Remain Elevated for Longer
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Brent oil prices fell yesterday (10th), after surging to a peak of USD117 per barrel the previous day due to US President Donald Trump's prediction that the Iran war might end soon, according to a report from Daiwa. However, the Hormuz Strait crisis has reshaped the risk-reward profile of the oil and gas sector. Even considering a potential easing of the situation to some extent, it is expected that the central level of oil and gas prices will remain elevated for a longer period. Daiwa's top picks for this sector are ENN ENERGY (02688.HK) and NEWAY (603699.SH). Believing that the short-term rise in natural gas prices will erode city gas stocks' recent profit margins, Daiwa also maintains a cautious stance on these stocks. In addition, it predicts that CHINA RES GAS (01193.HK) and other distributors with a high proportion of liquefied natural gas will be the main losers if the Title Transfer Facility (TTF) and JKM prices remain high for longer than expected. AAStocks Financial News |
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