Greetings from the Far East II

Research evidence excerpt

Greetings from the Far East II

Update

July 20, 2026 01:20 AM GMT

Morgan Stanley & Co. International plc+MCEEMEA Multi-Sector | Europe Ricardo Rezende, CFA

Equity Analyst

Greetings from the Far East II Ricardo.Rezende@morganstanley.comSylvia C Richards +44 20 7677-9886

Research Associate

Sylvia.Richards@morganstanley.com +44 20 7677-3354

Compared with other regions, our Hong Kong and Singapore Giulia Faro

meetings were much more focused on commodities -O&G and ResearchGiulia.Faro@morganstanley.comAssociate +44 20 7425-7581

chemicals. Similar to the US, investors were more familiar with

EEMEA - Oil & Gas

UAE stocks, especially the ADNOC names. On chemicals, Europe

preference was for fertilisers over petchems. Industry View No Rating

Key Takeaways

Commodities dominated discussions, led by O&G, refining, chemicals and

fertilisers; UAE-listed names were better understood than Saudi peers.

Energy security framed the debate after the UAE’s OPEC exit, with ADNOC

Drilling the favoured ecosystem name and refining views macro-led.

Investors remained cautious on petchems, but were more constructive on

methanol and fertilisers; SABIC and Fertiglobe drew the most interest.

ADNOC names led stock discussions, while PPC was the CEE highlight. On

refining debate divided into 'pure play' (Tupras) or integrated names (MOL,

Orlen).

Bottom-line: commodities over everything else. Compared with our marketing in

other regions, discussions were far more concentrated on O&G, refining, chemicals

and fertilisers. Similar to our US meetings, investors were more willing to discuss -

and more familiar with - UAE-listed stocks, particularly the ADNOC complex.

Familiarity with Saudi names was more uneven, with greater focus on larger cap

names such as SABIC.

Energy security: the common thread.