＜Research＞UBS Likes 3 Oils H-shrs, Raises TPs for CNOOC, PETROCHINA

　　The three major oil companies in China were relatively attractive to their overseas peers due to higher reserve replacement rate and output growth than their global peers, better cost control, financial performance and valuation, and attractive dividend yield, UBS issued a research report saying.

　　UBS continued to be bullish on 3 oils, but preferred their H-shares over A-shares, with order of preference being CNOOC (00883.HK) -0.300 (-1.313%) Short selling $140.40M; Ratio 10.923% , SINOPEC CORP (00386.HK) +0.070 (+1.426%) Short selling $53.41M; Ratio 15.972% and PETROCHINA (00857.HK) -0.060 (-0.748%) Short selling $201.99M; Ratio 26.095% .

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　　UBS raised its 2024-2026 earnings forecasts for CNOOC by 8-12%, and earnings forecasts for SINOPEC and PETROCHINA by 0-4%. The broker lifted its target prices for CNOOC/ PETROCHINA from $26.3/ $9.8 to $31/ $10.7, and kept SINOPEC's target price at $6.6, all of which rated at Buy.

　　(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-07-12 16:25.)

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