MS-Oil Natural Gas Corp. Not About OIL-20251111
这篇研报讲什么？
摘要原文摘录ONGC is a natural gas play, with gas price increases and production driving 80% of the earnings growth. We see upside potential on both production and dividends,with tailwinds fro…
机构观点归属摩根士丹利，研报雷达仅作摘要整理与机构观点聚合。以下为研报摘要原文摘录，内容以原始报告为准。
研报摘要
ONGC is a natural gas play, with gas price increases and production driving 80% of the earnings growth. We see upside potential on both production and dividends,with tailwinds from (1) regulatory changes limit windfall taxes and encourage foreign partnerships, and (2) production growth that has de-risked, with higher-priced non-APM gas matching oil profitability. We think the market underappreciates the shift from APM mix to deepwater + new wells gas mix, as India's gas prices are now pegged to global market prices. For more, see ONGC:Ambitious Targets and India Energy: Meeting with Hon'ble Minister of Petroleum and Natural Gas.
同公司研报
继续比较不同机构对同一公司的判断。
同行业近期研报
从单家公司继续回到行业研究。