20140610-Maybank_KERPL-Regional_Oil___Gas_11页_571kb
报告摘要
Regional Oil & Gas Summary - 09 June 2014
Core Content
This document provides an overview of the oil and gas market in Asia, highlighting recent price movements, key industry developments, and company valuations as of 09 June 2014.
Price Movements
- Brent Crude Oil: Increased by 1.3% to $109.99.
- WTI Crude Oil: Increased by 1.7% to $104.41.
- Henry Hub Natural Gas: Decreased by 1.4% to $4.65.
- LNG Northeast Asia CFR: No change at $13.80.
- Singapore 92 RON Spot: Increased by 1.2% to $117.62.
- Gasoil 500 ppm SG Spot: Decreased by 0.5% to $118.90.
- 3.5% 180cst Fuel SG Spot: Decreased by 0.2% to $606.33.
- Gold: Decreased by 0.1% to $1,252.34.
- USD-CNY Exchange Rate: Decreased by 0.2% to 6.24.
- DJI: Increased by 0.1% to 16,943.10.
- S&P 500: Increased by 0.1% to 1,951.27.
Key Industry News
Japan
- Japan's production of intermediary chemicals declined by 1.1% YoY in April, while exports of plastic feedstocks and products increased by 15% and 7.3%, respectively.
- Crude storage explosion at Sinopec Yangzi Petrochemical: No casualties reported.
China
- Kunlun Energy is expanding its liquefaction capacity by adding 5mcm/day in Hubei and 2.6mcm/day in Shandong, contributing to a 17.1% capacity increase.
- Yuanheng Energy has granted Sinopec the rights to handle the sale of LNG from its 1mcm/day facility in Yulin, Shaanxi.
- Crude storage in China is increasing significantly.
Malaysia
- SapuraKencana made four significant gas discoveries in the SK408 field and is expected to finalize a Gas Sales Agreement (GSA) by year-end.
- KNM Group is reformed and ready for growth, with a target price of MYR1.00 and a BUY recommendation.
Indonesia
- AziPac acquired a 40% stake in the Bone production sharing contract, with Mitram retaining the remaining 60%.
India
- Cairn India received a BUY rating with a target price of 443.00, showing improved risk-reward outlook.
Company Valuation Comparison (Asia)
Oil & Gas Companies
| Company | Ticker | KE Rating | Price | Target Price | Market Cap | 90D T/O | P/E 2013 | P/E 2014E | EV/EBITDA 2013 | EV/EBITDA 2014E | RoE % | P/B | Yield % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| PetroChina - H | 857 HK | NR | 9.39 | NR | 219.7 | 88.8 | 10.5 | 10.4 | 6.0 | 5.3 | 11.8 | 1.2 | 4.3 |
| Sinopec - H | 386 HK | NR | 7.15 | NR | 97.0 | 91.2 | 9.9 | 9.1 | 5.3 | 4.8 | 12.2 | 1.1 | 4.2 |
| CNOOC LTD | 883 HK | NR | 13.28 | NR | 76.5 | 97.4 | 8.4 | 8.4 | 3.8 | 3.7 | 17.3 | 1.4 | 4.3 |
| ONGC | ONGC IN | NR | 453.15 | NR | 65.5 | 38.6 | 16.0 | 12.0 | 9.2 | 5.9 | 16.8 | 2.5 | 2.1 |
| Reliance Industries | RIL IN | NR | 1,122.65 | NR | 61.3 | 76.8 | 15.8 | 13.6 | 13.0 | 10.4 | 11.9 | 1.8 | 0.8 |
| Cairn India | CAIR IN | BUY | 373.45 | 443.00 | 12.0 | 17.1 | 5.9 | 5.2 | 4.1 | 3.5 | 25.1 | 1.5 | 3.1 |
| BPCL | BPCL IN | NR | 615.05 | NR | 7.5 | 15.9 | 23.6 | 16.6 | 8.9 | 9.4 | 11.5 | 2.7 | 1.8 |
| HPCL | HPCL IN | NR | 443.90 | NR | 2.5 | 11.9 | 30.0 | 11.4 | 13.1 | 9.2 | 3.7 | 1.1 | 1.9 |
Oil Service Companies
| Company | Ticker | KE Rating | Price | Target Price | Market Cap | 90D T/O | P/E 2013 | P/E 2014E | EV/EBITDA 2013 | EV/EBITDA 2014E | RoE % | P/B | Yield % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Anton Oilfield Services | 3337 HK | NR | 5.70 | NR | 1.6 | 6.0 | 25.4 | 22.5 | 12.7 | 10.2 | 18.0 | 4.2 | 1.2 |
| China Oilfield Services-H | 2883 HK | NR | 19.46 | NR | 12.4 | 24.1 | 10.3 | 10.0 | 7.7 | 7.1 | 19.3 | 1.8 | 2.8 |
| Chu Kong Petroleum | 1938 HK | NR | 2.80 | NR | 0.4 | 0.7 | 55.5 | 20.9 | 24.5 | 15.8 | 1.4 | 0.6 | 0.0 |
| Hilong Holding | 1623 HK | NR | 4.51 | NR | 1.0 | 4.5 | 17.2 | 12.4 | 8.1 | 6.7 | 14.4 | 2.2 | 2.2 |
| Honghua Group | 196 HK | NR | 1.87 | NR | 0.8 | 2.3 | 8.7 | 7.2 | 6.2 | 5.5 | 11.7 | 1.0 | 3.3 |
| Sinopec Engineering-H | 2386 HK | NR | 9.15 | NR | 5.2 | 6.5 | 7.8 | 7.8 | 3.9 | 3.5 | 26.1 | 1.5 | 4.5 |
| SPT Energy | 1251 HK | NR | 4.66 | NR | 0.9 | 2.6 | 18.7 | 15.8 | 8.9 | 6.7 | 17.8 | 3.1 | 1.4 |
Summary of Key Points
- Price Trends: Brent and WTI crude oil prices rose overnight, while Henry Hub natural gas prices fell slightly.
- China's Expansion: Kunlun Energy expanded its liquefaction capacity, and Yuanheng Energy partnered with Sinopec to manage LNG sales.
- Safety Incident: A crude storage explosion in China occurred without casualties.
- Malaysia's Developments: SapuraKencana made gas discoveries and is in talks for a GSA, while KNM Group received a BUY rating with a target price of MYR1.00.
- India's Performance: Cairn India was rated BUY with a target price of 443.00.
- Valuation Insights: The document provides detailed valuations for key oil and gas companies, including P/E ratios, EV/EBITDA multiples, and RoE percentages, highlighting the financial positions and growth potential of these firms.
Analysts
- Howard Wong (HK/CHINA): Contact details provided.
- Jigar Shah (INDIA): Contact details provided.
- Pandu Anugrah (INDONESIA): Contact details provided.
- Liaw Thong Jung (MALAYSIA): Contact details provided.
- Bianca Solema (PHILIPPINES): Contact details provided.
- Laura Dy-Liacco (PHILIPPINES): Contact details provided.
- Yeast Chee Keong (SINGAPORE): Contact details provided.
- Sutthichai Kumworachai (THAILAND): Contact details provided.
- Le Nguyen Nhat Chuyen (VIETNAM): Contact details provided.
- Truong Quang Binh (VIETNAM): Contact details provided.
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