[ET Net News Agency, 23 October 2020] Morgan Stanley lowered its target price for SPT
Energy (01251) to HK$0.24 from HK$0.42 and downgraded its rating to "equal-weight" from
"overweight".
The research house cut its 2020-23 earnings estimates by 77%/65%/51% for SPT, given the
low oil price will make them face continuous headwinds in 2H.
Morgan said SPt is a leading oilfield service company in China, with a diversified
service portfolio. It is the largest beneficiary of national oil companies' outsourcing.
SPT is well-positioned for Xinjiang and Central Asia opportunities, with an established
record and technical advantage in high-end service. (KL)