Table of contents
Delay in product pricing reforms an overhang for Sinopec; risk reward for CNOOC improved with recent correction 2
Risk-reward attractive for CNOOC post recent correction in stock prices and Brent crude 3
Sinopec looks inexpensive in terms of EV/GCI; CNOOC continues to remain a first-quartile performer 9
CNOOC (0883.HK): Move to CL-Buy on improved risk-reward 12
China Petroleum and Chemical (0386.HK): Remove from CL, still Buy 14
PetroChina (0857.HK): Risk-reward in balance, remain Neutral 16
Disclosure Appendix 19