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<Research>HSBC Research Raises TPs for 3 CN Oils, Names PETROCHINA as Top Pick; CN Strategic Reserves Expected to Alleviate Oil Disruption Impact
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HSBC Global Research has published a report predicting that oil prices will be more volatile and uncertain in the short term and maintaining the forecast for 2026 Brent crude oil prices at USD65 per barrel, assuming fundamental disruptions are temporary. Although the Middle East supplies about 50% of China's oil imports, the broker stressed that China has a strategic petroleum reserve of 1.3 billion barrels, which can cover around 75 days of domestic consumption, thus partially alleviating the impact of supply disruptions. Among the stocks covered by HSBC Global Research, CNOOC (00883.HK) has the highest positive correlation between earnings and oil prices, followed by PETROCHINA (00857.HK). The broker has kept PETROCHINA as its top pick for its diversified development between oil and natural gas and robust cash flow supporting dividends. PETROCHINA's target price has risen to HKD11.5, alongside an unchanged Buy rating. In addition, the broker has lifted its target prices for CNOOC and SINOPEC CORP (00386.HK) to HKD32 and HKD5.9, respectively. CNOOC's rating remains Buy, while SINOPEC CORP has been rated as Hold. AAStocks Financial News |
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