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2009-5-19 01:02:00 p.m. HKT, XFNA
DJ MARKET TALK: Asian Oil Stocks' Valuations Undemanding -Goldman
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| 1230 [Dow Jones] Goldman Sachs expects crude oil prices to trend higher through 2H09, 2010, driven by continued strong OPEC production discipline, non-OPEC production declines, signs of demand recovery in key end-markets. Says while most Asian energy stocks rebounded significantly vs lows, believes Asian oil stocks' valuations still undemanding. Upgrades Citic Resources (1205.HK) to Buy from Sell, raises target to HK$2.00 vs HK$0.44. Upgrades Cnooc H-shares (0883.HK), ADR (CEO) to Buy from Neutral, raises H-shares target to HK$11.35 vs HK$7.05; raises ADR target to US$146 vs US$90. Keeps Sinopec (0386.HK) at Buy, on Conviction Buy list, raises H-shares target to HK$8.25 vs HK$6.50, raises A-shares (600028.SH) target to CNY12 vs CNY10.30, raises ADS (SNP) target to US$106 vs US$83. Upgrades PetroChina (0857.HK) H-shares, A-shares (601857.SH), ADR (PTR) to Neutral from Sell; raises H-shares target to HK$8.35 from HK$4.65, raises A-shares target to CNY11.50 vs CNY6.35; raises ADR target to US$107 vs US$59.62. (LES) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
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(Delayed by 1 hour)
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