RIL upside on asset monetisation, refining mkt rebalancing: Morgan Stanley
Reliance Industries’ faster asset monetisation, together with the rebalancing of oil refining market and cheaper feedstock, could help drive upside in company’s price-to-earnings (PE) ratio, Morgan Stanley said in a report.
Including Reliance Industries (RIL) in its ‘Three in Three’ report for Asia Pacific, the brokerage firm upgraded the company stock to ‘overweight’.
The other two to feature in the August 18 report were Ping An Bank and NTT Docomo.
“RIL has corrected 12 per cent in three months as both refining and chemical industry margins hit cash cost (or operational cost),” Morgan Stanley said in the research report.
