HSBC Global Research - China Oil
Language: English
Date: 13 Mar 2012
Page: 32

Executive summary
 We might have just seen the nadir of profitability for this policydriven
sector; margins are set to stabilise
 Short-term volatility remains due to uncertain macro environment;
we retain our long-term Brent oil price assumption of USD90/bbl
 Upgrade PetroChina to Neutral (from Underweight); maintain
Underweight on Sinopec; maintain Overweight on CNOOC

20120313 China Oil.pdf
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