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<Research>HSBC Research: Oil Prices & Supply Wreak ST Double Whammy; PETROCHINA, CNOOC 2Q NP Expected to Drop 22-23% YoY
Recommend 35 Positive 35 Negative 21 |
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Oil prices and supply are wreaking a short-term double whammy, with feeble oil prices and demand leading to a decline in profits, HSBC Global Research said in its report. Given improvements in the natural gas business, PETROCHINA (00857.HK) may be less affected. Cash flow is increasingly important for maintaining dividend distribution, the broker opined, optimistic about PETROCHINA, followed by CNOOC (00883.HK), both rated as Buy; SINOPEC CORP (00386.HK) was maintained at Hold under cash flow pressure. The broker forecast PETROCHINA and CNOOC's 2Q25 net profit to drop 22-23% YoY. As PETROCHINA's structural improvements in the natural gas business continue, mainly from expanding domestic sales and lower blended gas import costs, its resilience to oil price fluctuations should remain ahead of its peers. AASTOCKS Financial News Website: www.aastocks.com |
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