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BUZZ-PetroChina, Sinopec, CNOOC raised to 'overweight' at Barclays
October 20, 2015 / 2:55 AM / 2 years ago

BUZZ-PetroChina, Sinopec, CNOOC raised to 'overweight' at Barclays

** PetroChina , Sinopec, CNOOC raised to “overweight” from “equal weight” at Barclays which cited stocks factoring $45-55/b brent

** Even if crude prices languish for longer, risk-reward appears favourable - especially for CNOOC at 4x 2016E EV/EBITDA at $50/b brent, analysts led by Somshankar Sinha said in a note

** Share prices of the China’s state run oil companies are down 25-39 pct since April vs 19 pct fall in Hang Seng index

** Barclays cuts India’s BPCL to ”underweight’ from “overweight” citing re-rating may have gone too far

** Also, upgrades Indian Oil Corp to “overweight” from “equal weight” and Gail (India) to “equal weight” from “underweight” citing stock underperformance vs rivals

** Reliance Industries remains top pick with “overweight” rating; raises target to 1,125 rupees from 1,065 rupees earlier (RM:

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