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<Research>M Stanley Raises 2026 Brent Oil Forecast to USD72.5/ bbl, Hikes TPs for '3 Oils', Recommends Overweight
Recommend 19 Positive 38 Negative 24 |
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Morgan Stanley, in its report, raised its 2026 Brent oil price forecast to USD72.5/ bbl, with 2027 and long-term forecasts expected to remain at USD65/ bbl. The broker stayed upbeat about the "Three Oils", anticipating that the ongoing focus on energy security will support the strategic value and earnings sustainability of PETROCHINA (00857.HK). The TP for PETROCHINA H-shares was lifted from HKD10.25 to HKD13.25, and for PETROCHINA (601857.SH) A-shares from RMB11.4 to RMB14.7. The freight inflation pressure faced by SINOPEC CORP (00386.HK) was partially offset by inventory gains and RMB appreciation. Moreover, if raw material supplies remain constrained, China's fuel and chemical markets may shift from structural oversupply to undersupply, underpinning stronger margins and an uptrend in SINOPEC's downstream earnings. The TP for SINOPEC H-shares was added from HKD6.4 to HKD6.98, and for SINOPEC (600028.SH) A-shares from RMB6 to RMB8. The TP for CNOOC (00883.HK) H-shares was increased from HKD17.6 to HKD28.9. The H-shares of "Three Oils" received an Overweight rating. AASTOCKS Financial News Website: www.aastocks.com |
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