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<Research>BOCI Raises TPs for '3 Oils' H-shrs w/ CNOOC (00883.HK) as Top Pick
Recommend 17 Positive 36 Negative 21 |
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China's oil and gas sectors posted a strong trend YTD, and expecting these 2 sectors to continue to outperform the market in 2H24, BOCI released a research report saying. BOCI forecasted oil prices to remain high and even rise further in 2H24 due to global supply shortage. BOCI said that the "3 oils" is coming just at the right time as Chinese funds are looking for high-yield SOE targets in Hong Kong's stock market. If the 20% dividend tax for individual investors buying Hong Kong stocks through Southbound Trading of Stock Connects is really waived, it will boost share prices again, according to the report. BOCI reiterated rating at Overweight on the sector, with CNOOC (00883.HK) remaining its top pick. BOCI rated the H-shares of the 3 oils at Buy, and lifted its target prices for the H-shares of PETROCHINA (00857.HK)/ SINOPEC CORP (00386.HK)/ CNOOC from $7.8/ $4.99/ $21.84 to $8.7/ $5.73/ $26.39. AAStocks Financial News |
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