[ET Net News Agency, 4 July 2018] Goldman Sachs refreshed its 2018-20 earnings
forecasts across its energy coverage to reflect the latest Brent oil prices (US$74.9/bbl
versus Goldman's estimate of US$80/bbl for 2Q) and stronger USD/CNY (6.38 versus Goldman's
estimate of 6.30 for 2Q18).
The research house also further reduced its pipeline tariff assumptions on additional
company data releases, and to better reflect the NDRC's recent announce on higher
residential city gate gas prices (which it believes should better align these prices with
non-residential, a key market reform).
Goldman also revised its target prices for the oil companies it covered as follows:
Name Rating Target Price
---------------------------------------------------------
PetroChina (00857) Neutral HK$6.40 to HK$6.38
Sinopec (00386) Neutral HK$8.25 to HK$7.95
CNOOC (00883) Buy HK$15.45 to HK$15.44
Kunlun Energy (00135) Neutral HK$8.30 to HK$7.60
Sinopec Kantons (00934) Buy HK$6.00 to HK$5.44
COSL (02883) Neutral HK$8.75 to HK$8.30
Sinopec SEG (02386) Neutral HK$8.25 to HK$8.38

(KL)