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C Suisse Raises Oil Stocks TPs; Top Pick CNOOC 




Credit Suisse assumed demand/supply of crude oil to continue to improve this year and inventory to pick up to the five-year average in 3Q18, the research house said in its report. Credit Suisse believed Chinese oil stocks can reverse downtrend in last three years on the ride of rising oil prices. The research house's favorites were CNOOC (00883.HK)  +0.200 (+1.664%)    Short selling $280.31M; Ratio 24.899%   >SINOPEC CORP (00386.HK)  +0.080 (+1.268%)    Short selling $245.55M; Ratio 15.305%   >PETROCHINA (00857.HK)  +0.040 (+0.692%)    Short selling $252.83M; Ratio 18.769%   .

CNOOC's share price was expected to see hike as it is going to hold strategy day and announce 2017 annual results. The research house was also constructive about SINOPEC CORP, considering defused price war can alleviate market concern. Yet, Credit Suisse was negative about PETROCHINA, mainly due to increased import gas loss burden during winter gas shortage plus policy uncertainty.

Credit Suisse reiterated CNOOC (00883.HK)  +0.200 (+1.664%)    Short selling $280.31M; Ratio 24.899%   at Outperform with target price raised from $14.5 to $15; maintained SINOPEC CORP (00386.HK)  +0.080 (+1.268%)    Short selling $245.55M; Ratio 15.305%   at Outperform with target price lifted from $7.2 to $8; and kept PETROCHINA (00857.HK)  +0.040 (+0.692%)    Short selling $252.83M; Ratio 18.769%   at Neutral with target price revised up from $5 to $6.

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