Broker Name: DBS
Date of Report: (Date not specified in the provided document; inferred as 2026 Outlook)

Excerpt from DBS report.

Report Summary

• Geopolitical tensions and potential market disruptions are adding upside risks to oil plays, making energy stocks a valuable hedge against tech sector volatility.
• While the energy sector is not expected to be a high-growth space, small to mid-cap picks in niche segments (such as Nam Cheong, Harbin Electric, AKR Corporindo, and Pertamina Geothermal Energy) offer alpha opportunities.
• Oil majors like PetroChina, PTTEP, and Medco remain attractive due to consistent earnings, volume growth, and resilience amid rising geopolitical uncertainties.
• Investors are advised to consider large-cap energy stocks as a defensive allocation, especially in light of potential corrections in the tech sector driven by the ongoing AI hype.
• Niche opportunities exist beyond traditional oil & gas, particularly in offshore services (Nam Cheong), grid investments (Harbin Electric), and capacity-led growth (PGEO in Indonesia).

Above is an excerpt from a report by DBS. Clients of DBS can be the first to access the full report from the DBS website: https://www.dbs.com