20140403-Maybank_KERPL-Regional_Oil___Gas_11页_571kb
报告摘要
Regional Oil & Gas Summary (03 Apr 2014)
Core Content
This summary presents the latest news and reports from the oil and gas sector across various regions, including Asia, the Middle East, and the rest of the world. It highlights inventory changes, new contracts, and production developments, alongside stock analysis and valuation data for key companies.
Key News Headlines
- Fuel Oil Inventories Increase on China's Eastern Coast: Commercial fuel oil stocks rose by 4.3% to 3.32mt, indicating a potential market shift.
- India to Avoid Diesel Price Hike: State-owned oil refiners have postponed a diesel price increase due to the approaching general election.
- Shaanxi Zhongyuan's LNG Plant Fully Operational: The first natural gas liquefaction plant in Yanchi county commenced operations at full capacity, with a nameplate capacity of 1.0mcm/day.
- Green Dragon Gas Signs PSCs with CNOOC: Five coalbed methane production sharing contracts were signed, with CNOOC investing an additional USD100m for a 10% working interest.
- Max Petroleum's Discovery in Kazakhstan: The company found oil reserves of "excellent" quality at the Sagiz West field, with 24 meters of net pay.
- TSRC Schedules SBR Plant Shutdown: The facility will shut down in late April for a turnaround, expected to last three weeks.
- Taiwan Styrene Monomer Corporation's Break-Even Potential: The company may break even in Q1 2014 due to improved styrene economics, with a positive USD11.6/tonne spread in March.
Our Latest Reports
- SapuraKencana Petroleum (SAKP MK): Maintains a BUY rating with a target price of MYR5.30. The company has secured 3 rig charter extensions and 1 new contract.
- NewOcean Energy (342 HK): Reiterates BUY with a target price of HKD8.88. The stock has declined 30% from recent highs, but long-term prospects are improving. Earnings for 2015 are revised up by 11%.
- Bumi Armada (BAD MK): Maintains a BUY rating with a target price of MYR5.00. The company has secured a bare-boat charter for an FPSO job in Angola with Eni, valued at USD2.9b.
- Petron Corp (PCOR PM): Maintains a BUY rating with a target price of PHP15.90. The company is on track for full commercial operations by 2015 for its key growth driver RMP-2.
Oil & Gas Price Overview (02 Apr 2014)
| Product | Bloomberg Ticker | Units | Last Price | Absolute Change | 1D | 1W | 1M |
|---|---|---|---|---|---|---|---|
| Crude Oil (WTI) | CLA COMDTY | USD/bbl. | 99.28 | -0.46 | -0.5% | -1.0% | -4.7% |
| Crude Oil (Brent) | COA COMDTY | USD/bbl. | 104.79 | -0.83 | -0.8% | -2.1% | -5.4% |
| Dubai Fateh Spot | PGCRDUBA Index | USD/bbl. | 102.27 | -1.90 | -1.8% | -1.5% | -4.4% |
| China Daqing Spot | APCRDAQG Index | USD/bbl. | 103.79 | -2.59 | -2.4% | -1.6% | -6.6% |
| NYMEX Henry Hub | NGA COMDTY | USD/MMBtu | 4.36 | 0.00 | 2.1% | -0.7% | -2.0% |
| Singapore 92 RON Spot | MOGFM92S Index | USD/bbl. | 113.48 | 0.07 | 0.1% | -2.7% | -3.8% |
| Gasoil 500 ppm SG Spot | GASL500P Index | USD/bbl. | 120.70 | -1.29 | -1.1% | -1.3% | -3.9% |
| 3.5% 180cst Fuel SG Spot | N6SH180S Index | USD/mt | 595.52 | -7.72 | -1.3% | -1.9% | -4.2% |
| Gold | XAU CURNCY | USD/Oz | 1,291.13 | 12.18 | 1.0% | -1.0% | -4.4% |
| USD-JPY | USDJPY CURNCY | Fx rate | 103.87 | 0.22 | 0.2% | 1.8% | 2.4% |
| USD-EUR | USDEUR CURNCY | Fx rate | 0.73 | 0.00 | 0.2% | 0.1% | -0.2% |
| USD-CNY | USDCNY CURNCY | Fx rate | 6.21 | -0.00 | 0.0% | -0.1% | 1.0% |
| DJI | DJI INDEX | Index | 16,573.00 | 40.39 | 0.2% | 1.9% | 2.5% |
| S&P 500 | SPX INDEX | Index | 1,890.90 | 5.38 | 0.3% | 2.1% | 2.4% |
| 30Y T-Bill | USGG30YR INDEX | Yield | 3.65 | 0.04 | 1.1% | 3.0% | 2.6% |
Valuation Comparison
Asia Oil & Gas
| Company | Ticker | KE Rating | Price | Target Price | Mkt Cap (USD) | 90D T/O (USD) | P/E 2013 | P/E 2014E | EV/EBITDA 2013 | EV/EBITDA 2014E | RoE % | P/B | Yield % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Petron Corp | PCOR PM | buy | 12.14 | 15.90 | 2.5 | 1.7 | 22.5 | 15.2 | 9.9 | 10.1 | 6.9 | 1.7 | 0.7 |
| Phoenix Petroleum Philippines | PNX PM | buy | 5.10 | 7.22 | 0.2 | 0.1 | 11.6 | 7.0 | 8.7 | 6.7 | 12.7 | 1.1 | 1.6 |
| CNOOC LTD | 883 HK | NR | 11.70 | NR | 67.3 | 118.5 | 7.4 | 7.3 | 3.4 | 3.3 | 17.3 | 1.2 | 4.9 |
| Cairn India | CAIR IN | buy | 345.10 | 443.00 | 11.0 | 13.0 | 5.5 | 4.8 | 3.6 | 3.1 | 25.1 | 1.4 | 3.3 |
| INPEX | 1605 JT | NR | 1,361.00 | NR | 19.2 | 58.0 | 10.9 | 12.1 | 2.6 | 2.3 | 7.9 | 0.8 | 1.3 |
| JX Holding | 5020 JT | NR | 500.00 | NR | 12.0 | 66.2 | 7.8 | 8.7 | 10.2 | 11.1 | 8.7 | 0.6 | 3.2 |
| Showa Shell | 5002 JT | NR | 919.00 | NR | 3.3 | 16.2 | 5.7 | n.a. | 4.9 | 6.2 | 21.9 | 1.2 | 3.9 |
| TonenGeneral | 5012 JT | NR | 904.00 | NR | 4.9 | 12.6 | 14.4 | 28.5 | 8.8 | 12.2 | 7.9 | 1.1 | 4.2 |
| Idemitsu | 5019 JT | NR | 2,109.00 | NR | 3.2 | 9.1 | 6.6 | 7.6 | 7.5 | 9.0 | 8.1 | 0.5 | 2.4 |
| Cosmo | 5007 JT | NR | 193.00 | NR | 1.6 | 6.7 | n.a. | 27.1 | 7.3 | 8.6 | 11.5 | 1.9 | 2.5 |
| HPCL | HPCL IN | NR | 307.55 | NR | 1.7 | 6.0 | 20.8 | 11.3 | 12.6 | 10.3 | 3.7 | 0.8 | 2.8 |
| Asian Oil & Gas Average | - | - | - | - | - | - | 11.8 | 10.8 | 7.2 | 6.2 | 13.1 | 1.4 | 3.8 |
Asia Oil Service
| Company | Ticker | KE Rating | Price | Target Price | Mkt Cap (USD) | 90D T/O (USD) | P/E 2013 | P/E 2014E | EV/EBITDA 2013 | EV/EBITDA 2014E | RoE % | P/B | Yield % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SapuraKencana | SAKP MK | buy | 4.68 | 5.30 | 8.6 | 13.3 | 44.7 | 25.9 | 13.1 | 20.2 | 13.8 | 3.7 | 0.0 |
| Bumi Armada | BAB MK | buy | 4.01 | 5.00 | 3.6 | 3.4 | 27.3 | 24.9 | 11.2 | 13.4 | 10.6 | 2.7 | 0.8 |
| Barakah Petroleum | BARAKAH MK | buy | 1.56 | 1.85 | 0.3 | 2.8 | 18.4 | 18.8 | 13.4 | 9.0 | 27.0 | 4.4 | 0.0 |
| Dialog | DLG MK | buy | 3.78 | 3.90 | 2.8 | 4.7 | 46.8 | 32.0 | 30.0 | 28.2 | 15.2 | 6.7 | 0.9 |
| MMHE | MMHE MK | buy | 3.81 | 4.20 | 1.9 | 0.7 | 25.7 | 35.0 | 18.6 | 21.5 | 9.3 | 2.4 | 1.3 |
| UMW O&G | UMWOG MK | buy | 4.18 | 5.15 | 2.8 | 4.3 | 36.6 | 32.2 | 19.1 | 19.8 | 12.4 | 3.2 | 0.2 |
Analysts
- Howard Wong (HK/CHINA): Contact: (852) 22680648, Email: howardwong@kimeng.com.hk
- Liaw Thong Jung (MALAYSIA): Contact: (603) 22978688, Email: tjiaw@maybank-ib.com
- Jigar Shah (INDIA): Contact: (91) 22 6623 2601, Email: jigar@maybank-ke.co.in
- Yeast Chee Keong (SINGAPORE): Contact: (65) 6432 1460, Email: yeakcheeong@maybank-ke.com.sg
- Sutthichai Kumworachai (THAILAND): Contact: (66) 2658 6300 x 1400, Email: sutthichai.k@maybank-ke.co.th
- Pandu Anugrah (INDONESIA): Contact: (62) 21 2557 1137, Email: pandu.anugrah@maybank-ke.co.id
- Laura Dy-Liacco (PHILIPPINES): Contact: (63) 28498840, Email: laura_dyliacco@maybank-atrke.com
- Bianca Solema (PHILIPPINES): Contact: (63) 28498835, Email: bianca_solema@maybank-atrke.com
- Le Nguyen Nhat Chuyen (VIETNAM): Contact: (84) 844555888×8082, Email: chuyen.le@maybank-kimeng.com.vn
- Truong Quang Binh (VIETNAM): Contact: (84) 4 44 555 888 × 8087, Email: binh.truong@maybank-kimeng.com.vn
展开完整摘要
试读结束，高清完整版pdf/doc/ppt,请点下载
