Industry Update - Energy (Upstream - Downstream) MARCH 20, 2025
We maintain a Neutral rating on the energy sector, given the lackluster earnings growth outlook for 2025-27E (+4% CAGR) and external risk factors...
253 Views
Energy (Upstream-Downstream) - DECEMBER 17, 2024
We reiterate our preference for downstream over upstream players and favor refiners over oil retailers. Our top pick remains BCP (Outperform; FV at...
201 Views
Industry Update: Energy (Oil) - SEPTEMBER 30, 2024
The downward trend in oil prices due to global risks (e.g., increased supply and slower demand amid the unrest in the Middle East) is expected to...
370 Views
Industry Update - Energy (Upstream-Downstream)
We maintain a Neutral investment rating on the sector, reflecting weak industry indicators in 2H24E (e.g., oil prices, refining margins, marketing...
374 Views
Energy (Upstream-Downstream) - Weak 2Q24E Earnings for Refineries
Refinery stock prices have already reflected weaker refining margins and operating performance trends anticipated for 2Q24E.
322 Views