澳大利亚能源业：逐步更加谨慎.docxVIP

MORGAN STANLEY AUSTRALIA LIMITED+Adam MartinEQUITY ANALYST+61 3 9256-8904Rob Koh MORGAN STANLEY AUSTRALIA LIMITED+ Adam Martin EQUITY ANALYST +61 3 9256-8904 Rob Koh EQUITY ANALYST +61 3 9256-8932 A Morgan Stanley appreciates your support in the 2019 Institutional Investor All-Asia Research Team Survey. Voting will open midFebruary 2019. Australia Enen In-Line Australia Utilities Infrastructure Australia Energy | Asia PacificIncrementally more cautious WedowngradeourindustryviewonAustraliaEnergyto Inline from Attractive with several stock downgrades. We think the industry is starting to look full at our long-term assumption of US$65/bbl after a good start to 2019. Our key Overweight remains Santos. Whafs ChangedFROMTOAustralia EnerqvIndustry ViewAttractiveWoodside Petroleum (WPL.AX)In-Line Whafs Changed FROM TO Australia Enerqv Industry ViewAttractive Woodside Petroleum (WPL.AX) In-Line RatingOverweight Price TargetA$40.00 Beach Enerqv Ltd (BPT. AX) Equal-weight A$35.00 Rating Price Target Santos (STOAX) Overweight A$2.20 Equal-weight A$1.90 Price Target A$8.30 A$7.20 Asia Pacific IndustryViewCautious Price Target FAR Ltd (FAR.AX) A$10.08 A$8.11 Price Target A$0,14 A$0.11 Origin Energy Ltd.(ORG.AX) Oil Search Ltd. (OSH.AX) Price TargetA$8.70A$8.00 Senex Energy (SXY.AX) Price TargetA$18.33 Karoon Gas Australia (KAR.AX) A$15.70 Price Target A$1,18 A$0.94 Price TargetA$0.40A$0.38 WorleyParsons Ltd. (WOR.AX) Morgan Stanley does and seeks to do business with companiescoveredinMorganStanley Research. Asa result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of Morgan Stanley Research. Investors should consider Morgan Stanley Research as only a singlefactor in making their investmentdecision. For analyst certification and other important disclosures, refertothe Disclosure Section, located attheendofthis report. += Analysts employed by non-U.S. affiliates are not registered with FINRA, may not be associated pers