＜Research＞HSBC Research Likes Resources Such as CMOC, PETROCHINA, CHINA SHENHUA

　　As it is almost halfway through 2024, HSBC Global Research reviewed a number of questions raised earlier this year on resources, HSBC Global Research issued a research report saying.

　　First, for the outlook for the coal market after the energy crisis, HSBC Global Research said that supply and demand for thermal coal is expected to continue to be soft. Thermal coal prices are expected to decrease in a range-bound manner as high port inventories and safety checks will continue for longer.

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　　HSBC Global Research was bullish on CMOC (03993.HK) -0.110 (-1.509%) Short selling $7.58M; Ratio 9.487% , PETROCHINA (00857.HK) -0.050 (-0.651%) Short selling $57.91M; Ratio 23.340% , CHINA SHENHUA (01088.HK) -0.400 (-1.011%) Short selling $104.37M; Ratio 37.661% and other resources, HSBC Global Research said.

　　In terms of CMOC, the broker was more optimistic about the copper price, and saw faster-than-peers earnings growth on new output ramp-up. HSBC Global Research rated CMOC's H-shares at Buy, with a target price of $9.4.

　　For PETROCHINA, even if the crude oil prices fluctuate, its resilient dividend and cash cow characteristics will support the valuation expansion, Therefore, the broker rated PETROCHINA's H-shares at Buy, with a target price of $9.2.

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　　As for CHINA SHENHUA, despite the current downcycle for coal price, its earnings are expected to remain resilient, with attractive dividend yield. Therefore, HSBC Global Research kept rating at Hold for CHINA SHENHUA's H-shares, with a target price of $35. The latest ratings and target prices of the sector are listed in a separate table.

　　(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-06-24 12:25.)

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