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00135 KUNLUN ENERGY
RTNominal down5.560 -0.260 (-4.467%)
Others

17/12/2019 15:15

{I-bank focus}Goldman revises TPs for oil & relevant firms

[ET Net News Agency, 17 December 2019] Goldman Sachs upgraded its estimates for higher
2020 oil prices (US$63/bbl Brent versus US$60/bbl previously), and also refreshed 2019-21
forecasts to reflect 4Q-to-date oil prices (US$61/bbl Brent versus Goldman's estimate of
US$62/bbl for October-November), and a stronger than expected Renminbi (7.05 versus
Goldman's estimate of 7.15 for 4Q).
The research house said the outlook and risk/reward in China's big oils into 2020
appears challenging, so in the broader China energy complex, Goldman suggested that
investors focus on oil services/engineering and gas distributors.
It revised its target prices for the counters in the sector as follows:
Name Rating Target Price
---------------------------------------------------------
CNOOC (00883) Neutral HK$14.5 to HK$15.4
Sinopec (00386) Neutral HK$5.70 to HK$5.65
COSL (02883) Neutral HK$10.8 to HK$11.0
Sinopec SEG (02386) Buy HK$7.70 to HK$7.30
Kunlun Energy (00135) Buy HK$9.00 to HK$8.74
Sinopec Kantons (00934) Buy HK$4.50 to HK$4.30

(KL)

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