The broker also said in a research note that it had upgraded Indonesia to overweight from equal weight, noting its relatively low valuation and that it was technically oversold. It raised Malaysia to overweight from equal weight, while cutting Thailand to underweight from equal weight, the Philippines to equal weight from overweight and South Africa also to equal weight from overweight. A rise in the price of oil was a factor in its change in view on Malaysia, Thailand, Indonesia and the Philippines. "Rising geopolitical risk has led to the oil price overshooting our commodity team's forecasts," it said, noting it had recently raised its 2012 estimate for Brent to $105 a barrel from $100. "Thailand and the Philippines are major oil importers while Indonesia and Malaysia are neutrally to positively affected by a rising oil price," it said.