Saudi Aramco: Risk Reward Update

Research evidence excerpt

M

Update

August 5, 2026 12:30 AM GMT

Saudi Aramco | Europe

Morgan Stanley & Co. International plc+

Martijn Rats, CFA

Equity Analyst and Commodities Strategist

Risk Reward Update

Saudi Aramco (2222.SE, ARAMCO AB)

What’s Changed

Energy | Saudi Arabia

Updated Components

Stock Rating

Industry View

Price target

Shr price, close (Aug 4, 2026)

52-Week Range

EPS

Risk Reward for Saudi Aramco (2222.SE) has been updated

Fiscal Year Ending

Reason for change

We update our modelling forecasts to reflect 2Q26 actuals. EPS forecasts for FY2630 are broadly unchanged.

Morgan Stanley Securities (China) Co., Ltd. is acting as financial advisor to Hengli

EPS (SAR)**

Prior EPS (SAR)**

Equal-weight

In-Line

SAR 27.40

SAR 26.90

SAR 27.96- 23.04

12/25 12/26e 12/27e 12/28e

1.44

1.87

1.85

1.68

1.69

1.64

1.65

Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare

framework

** = Based on consensus methodology

e = Morgan Stanley Research estimates

Group Co. Ltd. (“Hengli Group”) who has signed a Memorandum of Understanding

(MoU) with Saudi Arabian Oil Company (“Aramco”) on Apr 22, 2024, regarding its

potential acquisition of 10% shareholding in Hengli Petrochemical Co.,Ltd. (“Hengli”)

from Hengli Group. The discussion in the MoU with respect to the shareholding

acquisition and business cooperation is not binding and the completion of the

transaction is subject to further negotiation and certain conditions to be met. Hengli

Group has agreed to pay fees to Morgan Stanley Securities (China) Co., Ltd. for its

financial services. Please refer to the notes at the end of this report.

Morgan Stanley does and seeks to do business with

companies covered in Morgan Stanley Research. As a 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 single factor in making their investment

decision.