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<Research>UBS Lifts TPs for PETROCHINA/ CNOOC, Raises 2026 Brent Oil Avg. Price Forecast to USD72
Recommend 21 Positive 26 Negative 39 |
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UBS has raised its forecast for the average price of Brent oil in 2026 by USD10 per barrel to USD72, reflecting the current near-closure of the Strait of Hormuz. Under a base assumption where the conflict will last for several weeks, UBS believes transportation through the Strait of Hormuz will remain severely disrupted, while the Gulf Cooperation Council (GCC) member states will continue to be attacked, though key oil infrastructure will stay unaffected. Based on the latest oil price forecast, UBS has lifted its 2026 earnings forecasts for PETROCHINA (00857.HK)/ CNOOC (00883.HK)/ SINOPEC CORP (00386.HK) by 13%/ 16%/ 0.4% to RMB183.3 billion/ RMB148.1 billion/ RMB52 billion. In terms of stock rating, UBS has lifted its target prices by 10% to HKD12.6 for PETROCHINA and by 12% to HKD33.6 for CNOOC. Both remain as its industry top picks. CHINA OILFIELD (02883.HK)'s target price has also risen by 11% to HKD12. All of these stocks have been rated at Buy. AAStocks Financial News |
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