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报告摘要

Regional Oil & Gas Market Summary

Core Content Overview

The document provides an overview of the regional oil and gas market as of 12 October 2015, highlighting price movements, key news, and analyst ratings for various companies across Asia, the Middle East, and other regions. It includes both crude oil and gas prices, as well as valuations and financial metrics for several oil and gas firms.

Oil & Gas Price Movements

Brent Crude Oil fell by 5.3% to USD49.86/bbl.
WTI Crude Oil declined by 5.1% to USD47.10/bbl.
Dubai Fateh Spot dropped 1.3% to USD50.41/barrel.
China Daqing Spot fell 1.2% to USD46.87/barrel.
NYMEX Henry Hub decreased by 1.3% to USD2.54/MMBtu.
LNG Northeast Asia CFR declined 1.2% to USD6.70/MMBtu.
Singapore 92 RON Spot fell 2.6% to USD59.52/barrel.
Gasoil 500 ppm SG Spot dropped 1.8% to USD61.78/gallon.
3.5% 180cst Fuel SG Spot fell 3.7% to USD245.13/mt.
Gold increased by 0.6% to USD1,163.85/Oz.
USD-CNY declined 0.3% to 6.32.
DJI rose 0.3% to 17,131.86.
S&P 500 increased 0.1% to 2,017.46.

Key News Headlines

Oil Prices Plunge: Due to profit-taking and OPEC's continued production increase, both Brent and WTI crude futures posted their largest percentage declines since September.
OPEC Forecasts U.S. Oil Output Decline: OPEC predicts a 0.5% decrease in U.S. crude and natural gas liquids production in 2016.
Kuwait Oil Minister: Indicates no calls for OPEC policy change and suggests high-cost producers exiting the market may support prices in 2016.
India Refiners Pay Second Tranche: Indian refiners are set to pay $700 million in the second installment of oil dues to Iran.
Lundin Exits Indonesia: Lundin Petroleum sells its Indonesian assets to Medco Energi for $22 million, including interests in several fields.

Latest Reports

Perisai Petroleum

Proposes 10% Private Placement (SELL): Aims to raise MYR40m to repay loans.
Delays Delivery of PP 102 Rig (SELL): Delivery is postponed to 31 Mar 2016; ongoing asset off-hire concerns.
Farms Out PP 101 to Hess (SELL): Farm-out for 9 + 1 months at a DCR of USD99k; forecasts unchanged.

KNM Group

Bags a RE EPCC Job in UK (BUY): Secures an £88m (MYR581m) EPCC contract with O&M for a WTE plant.

Valuations and Financial Metrics

Company	Ticker	Maybank KE Rating	Price (12-Oct)	Target Price	Mkt Cap (USD)	90D T/O (USDm)	PER (2015E)	PER (2016E)	EV/EBITDA (2015E)	EV/EBITDA (2016E)	ROE (%)	P/BV (x)	Yield (%)
PetroChina - H	857 HK	Sell	6.39	4.80	242.0	86.0	28.1	48.6	6.9	7.6	2.8	0.8	1.6
Sinopec - H	386 HK	Buy	5.63	6.00	96.4	68.6	13.6	14.8	5.9	6.1	6.5	0.9	3.6
CNOOC LTD	883 HK	Buy	9.44	11.70	54.4	89.7	17.4	20.4	4.4	4.5	5.1	0.9	0.8
New Ocean Energy	342 HK	Buy	3.10	7.70	0.6	0.9	4.4	3.5	4.2	2.9	19.0	1.8	2.2
ONGC	ONGC IN	NR	263.4	NR	34.8	18.7	9.5	9.2	4.8	4.5	13.3	1.2	3.7
Reliance Industries	RIL IN	NR	891.8	NR	44.6	52.5	12.0	11.2	10.3	9.2	11.2	1.3	1.1
Cairn India	CAIR IN	Hold	167.4	198.00	4.8	6.6	4.6	8.5	1.6	2.8	11.7	0.5	5.4
BPCL	BPCL IN	NR	849.1	NR	9.5	23.2	19.5	10.6	10.4	7.1	15.2	2.9	1.8
HPCL	HPCL IN	NR	763.5	NR	4.0	24.4	19.5	9.1	9.9	7.2	8.8	1.8	2.2
Petron Corp	PCOR PM	Buy	7.34	11.25	1.5	0.5	16.8	9.4	8.7	6.9	5.3	1.1	0.7
Phoenix Petroleum Philippines	PNX PM	Buy	3.65	4.75	0.1	0.0	6.2	5.5	7.8	7.1	11.6	0.7	2.7
S-Oil	010950 KS	NR	70,200	NR	6.9	13.7	9.8	9.8	5.7	5.0	15.6	1.4	2.8
SK Innovation	096770 KS	NR	114,000	NR	9.2	36.4	8.6	9.1	6.7	7.1	7.9	0.7	2.5
GS Holdings	078930 KS	NR	49,500	NR	4.0	8.6	9.0	8.5	8.2	8.3	7.9	0.7	2.5
Formosa Petrochemical	6505 TT	NR	83.60	NR	24.6	7.1	20.5	21.9	12.9	13.7	14.8	3.0	3.7
PTT Global Chemical PCL	PTTGC TB	Buy	60.8	87.00	7.7	22.5	10.0	8.9	6.5	6.0	11.3	1.1	4.6
PTT PCL	PTT TB	Buy	270.0	395.00	21.8	61.6	9.4	8.5	10.4	7.1	10.8	1.0	4.2
Thai Oil PCL	TOP TB	Sell	55.5	65.00	3.2	8.6	9.3	9.5	6.5	6.3	13.4	1.2	4.5
Asian Refiners Average	-	-	-	-	-	-	13.8	12.8	-21.4	9.5	7.7	1.7	3.1

Analysts Contact Information

Howard Wong - HK/CHINA
(852) 22680648 | howardwong@kimeng.com.hk
Jigar Shah - INDIA
(91) 2266232632 | jigar@maybank-ke.co.in
Pandu Anugrah - INDONESIA
(62) 21 2557 1137 | pandu.anugrah@maybank-ke.co.id
Liaw Thong Jung - MALAYSIA
(603) 22978688 | tjiaw@maybank-ib.com
Michael Bengson - PHILIPPINES
(63) 28498840 | micheal bengson@maybank-atrke.com
Yeah Chee Keong - SINGAPORE
(65) 6231 5842 | yeakcheeong@maybank-ke.com.sg
Sutthichai Kumworachai - THAILAND
(66) 2658 6300 x 1400 | sutthichai.k@maybank-ke.co.th
Le Nguyen Nhat Chuyen - VIETNAM
(84) 844555888×8082 | chuyen.le@maybank-kimeng.com.vn
Truong Quang Binh - VIETNAM
(84) 444555888 x 8087 | binh.truong@maybank-kimeng.com.vn

Summary of Key Points

Oil prices declined significantly, with Brent and WTI falling by 5.3% and 5.1% respectively.
OPEC forecasts a 0.5% decline in U.S. oil production in 2016, citing the impact of low prices.
Kuwait's oil minister states there are no calls for policy change within OPEC and highlights the potential for high-cost producers to exit the market.
Indian refiners are set to make a second $700 million payment to Iran.
Lundin Petroleum sells its Indonesian assets to Medco Energi for $22 million.
Perisai Petroleum faces multiple challenges, including a 10% private placement, delayed rig delivery, and farming out operations.
KNM Group secures a significant EPCC contract in the UK.
The valuation metrics show a mix of Buy, Hold, and Sell ratings, with varying price movements and financial performance indicators.

Conclusion

The oil and gas market in the region is experiencing volatility and challenges, with declining prices and operational adjustments. Analysts provide insights and ratings for various companies, reflecting their current performance and future outlook. The key news and reports highlight the ongoing impact of market dynamics and the strategic moves of major players.

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