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<Research>G Sachs Hikes TPs for CNOOC/ PETROCHINA/ SINOPEC CORP; Earnings Forecasts Up 2% for 2026 and 2027
Recommend 20 Positive 27 Negative 15 |
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Over the past three years, CNOOC (00883.HK) and PETROCHINA (00857.HK) demonstrated strong cash flow generation capabilities, with their CROCI ranking improving among global peers, proving that their valuations should converge, Goldman Sachs said in its report. Looking ahead, Goldman Sachs projected that they will maintain a top-tier FCF yield of approximately 10%. Goldman Sachs' analysis reinforced CNOOC's leading cost advantage, with its future production assets having a Brent breakeven point as low as about USD30/ bbl. On the other hand, PETROCHINA benefited from strong upstream natural gas profits and enormous cost-saving potential. Goldman Sachs hiked CNOOC's TP from HKD21.1 to HKD31, with rating Buy. PETROCHINA (601857.SH) A shares TP was raised from RMB11.8 to RMB15.3, and H shares TP from HKD8.6 to HKD11.5, with rating Buy. SINOPEC CORP (00386.HK) H shares TP was hiked from HKD3.6 to HKD4.9, and A shares TP was added from RMB4.8 to RMB6.7, with rating Neutral. Goldman Sachs transferred primary coverage responsibility for Chinese oil giants such as PetroChina, Sinopec, and CNOOC from Nikhil Bhandari to Amber Cai. The earnings forecasts for the three companies for 2026 to 2027 were lifted by an average of about 2%. AASTOCKS Financial News Website: www.aastocks.com |
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