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报告摘要

Regional Oil & Gas Summary

Core Content

This document provides an overview of the oil and gas market dynamics in the Asia-Pacific region as of 28 August 2015. It highlights recent price movements, key news headlines, and analyst ratings for various oil and gas companies across different countries.

Key Market Movements

Brent Crude: Rose by 5.2% to USD50.05/b.
WTI Crude: Increased by 6.3% to USD45.22/b.
Factors driving prices: Short-covering rally due to violence in Yemen, a storm in the Gulf, and refinery outages.
Oil prices: Reached USD50 per barrel, marking a rebound from six-and-a-half-year lows below USD40 per barrel.
US Rig Count: Fell by 8 to 877 total rigs, with oil rigs increasing by 1 to 675 and gas rigs decreasing by 9 to 202.

News Headlines

Crude continues climb: Oil prices rebounded due to geopolitical tensions and supply disruptions.
US rig count falls by eight: Continued decline in US drilling activity.
China oil giants eschew global jobs purge: Chinese state oil companies are avoiding layoffs despite global cost-cutting.
China's Big Oil Primed for Global Deal Race: Chinese oil majors are looking to acquire assets in North America.
CNPC to produce 50 MTOE in Xinjiang by 2020: CNPC plans to boost production in Xinjiang.
Rosneft and EGAS sign LNG deal: A new LNG supply agreement was announced between Russian and Egyptian companies.

Analyst Ratings

China

PetroChina (H): Sell | Price: 6.49 | Target: 8.30
Sinopec (H): Hold | Price: 5.18 | Target: 7.70
CNOOC LTD: Buy | Price: 9.24 | Target: 16.80

India

ONGC: NR | Price: 243.7
Reliance Industries: NR | Price: 872.4
Cairn India: Hold | Price: 145.6 | Target: 198.00
BPCL: NR | Price: 861.0
HPCL: NR | Price: 829.1

Malaysia

Perisai Petroleum: Sell | Price: 0.29 | Target: 0.25
UMW Oil & Gas: Sell | Price: 1.00 | Target: 2.55
Gas Malaysia: Buy | Price: 2.05 | Target: 2.65
Petronas Gas: Hold | Price: 21.32 | Target: 24.00

Philippines

Petron Corp: Buy | Price: 7.91 | Target: 11.25
Phoenix Petro: Buy | Price: 3.35 | Target: 4.75

Thailand

PTT Global Chemical PCL: Buy | Price: 57.00 | Target: 87.00
PTT PCL: Buy | Price: 269.0 | Target: 395.00
Thai Oil PCL: Sell | Price: 50.25 | Target: 65.00

Vietnam

PetroVietnam Gas: Buy | Price: 47,500 | Target: 92,000

Asia Oil & Gas Valuations

Company	Ticker	Maybank KE Rating	Price (28-Aug)	Target Price	Mkt Cap (USD b)	90D T/O (USD m)	PER (2015E)	PER (2016E)	EV/EBITDA (2015E)	EV/EBITDA (2016E)	ROE % (2015)	P/BV (2015)	Yield (%)
CNOOC LTD	883 HK	Buy	9.24	16.80	53.2	95.6	13.5	8.6	4.1	3.2	6.4	0.9	2.6
Cairn India	CAIR IN	Hold	145.6	198.00	4.1	7.8	4.0	6.7	1.2	1.9	10.0	0.4	6.3
INTEX	1605 JT	NR	1,230	NR	14.8	59.4	20.7	27.3	3.2	3.8	3.2	0.7	1.4
JAPEX	1662 JT	NR	3,480	NR	1.6	9.0	5.7	14.2	5.0	7.8	7.7	0.4	1.4
Gas Malaysia	GMB MK	Buy	2.05	2.65	0.6	0.2	21.3	21.3	11.8	11.5	12.2	2.6	4.7
Petronas Gas	PTG MK	Hold	21.32	24.00	10.1	6.2	23.3	23.1	14.0	13.7	16.7	3.8	3.0
PTT Global Chemical PCL	PTTGC TB	Buy	57.00	87.00	7.2	25.3	9.3	8.2	6.2	5.7	11.5	1.0	5.0
Thai Oil PCL	TOP TB	Sell	50.25	65.00	2.9	8.6	8.4	9.0	6.0	6.1	13.7	1.1	5.0
PetroVietnam Gas	GAS VN	Buy	47,500	92,000	4.0	1.0	9.8	9.3	4.6	4.2	25.1	2.3	7.4

Asia Oil & Gas Service Valuations

Company	Ticker	Maybank KE Rating	Price (28-Aug)	Target Price	Mkt Cap (USD b)	90D T/O (USD m)	PER (2015E)	PER (2016E)	EV/EBITDA (2015E)	EV/EBITDA (2016E)	ROE % (2015)	P/BV (2015)	Yield (%)
Gas Malaysia	GMB MK	Buy	2.05	2.65	0.6	0.2	21.3	21.3	11.8	11.5	12.2	2.6	4.7
Petronas Gas	PTG MK	Hold	21.32	24.00	10.1	6.2	23.3	23.1	14.0	13.7	16.7	3.8	3.0
PTT Global Chemical PCL	PTTGC TB	Buy	57.00	87.00	7.2	25.3	9.3	8.2	6.2	5.7	11.5	1.0	5.0
Thai Oil PCL	TOP TB	Sell	50.25	65.00	2.9	8.6	8.4	9.0	6.0	6.1	13.7	1.1	5.0
PetroVietnam Gas	GAS VN	Buy	47,500	92,000	4.0	1.0	9.8	9.3	4.6	4.2	25.1	2.3	7.4