20150916-Maybank_KERPL-Regional_Oil___Gas_11页_779kb

报告摘要

Regional Oil & Gas Summary

Core Content

This document provides an overview of the oil and gas market conditions and analyst ratings for various companies across Asia and other regions as of 15 September 2015. It includes recent news headlines, price movements, and investment recommendations based on market analysis and financial metrics.

Main News Headlines

Obama Opposes Oil Export Ban Lift: President Obama opposes a bill to lift the U.S. oil export ban, criticizing House Majority Leader Kevin McCarthy for aligning with oil interests rather than promoting renewable energy.
Low Oil Prices Reduce Offshore Drilling Interest: Low oil prices have reduced pressure on the U.S. government to expand offshore drilling, with the latest Gulf of Mexico lease sale yielding the lowest bids in over 30 years.
Indonesia's Crude Export Cut: Indonesia plans to cut crude oil exports by nearly half to boost energy security and save foreign exchange.
Oil Price Curve Indicates Future Price Rise: Market bulls are optimistic about potential price increases as the supply glut may be shrinking.
China Builds Oil Reserves at Low Prices: China's state firm is leasing private tanks to store oil at a low price, supporting global oil prices.

Major Oil & Gas Prices (Closing as of 15 September 2015)

Product	Bloomberg Ticker	Units	Last Price	Dollar Chg. 1D	1D Change	1W Change	1M Change
Crude Oil (Brent)	COA COMDTY	USD/bbl.	47.75	0.40	0.8%	-5.3%	-4.6%
Crude Oil (WTI)	CLA COMDTY	USD/bbl.	44.59	0.59	1.3%	-2.9%	3.4%
Dubai Fateh Spot	PGCRDUBA Index	USD/bbl.	44.52	-1.67	-3.6%	-5.2%	-6.6%
China Daqing Spot	APCRDAQG Index	USD/bbl.	40.64	-1.14	-2.7%	3.9%	-7.5%
NYMEX Henry Hub	NGA COMDTY	USD/MMBtu	2.73	-0.03	-1.1%	0.7%	-3.8%
LNG Northeast Asia CFR	JKL1 Index	USD/MMBtu	7.05	-0.48	-2.7%	-6.6%	2.3%
Singapore 92 RON Spot	MOGFM92S Index	USD/bbl.	58.65	0.48	0.8%	-2.7%	-8.2%
Gasoil 500 ppm SG Spot	GASL500P Index	USD/bbl.	59.13	-0.45	-0.8%	-6.6%	-5.3%
3.5% 180cst Fuel SG Spot	N6SH180S Index	USD/mt	238.31	3.21	1.4%	-2.4%	-9.0%
Gold	XAU CURNCY	USD/Oz	1,105.35	-3.75	-0.3%	-1.4%	-0.9%
USD-CNY	USDCNY CURNCY	Fx rate	6.37	0.00	0.0%	0.0%	-0.3%
DJI	DJI INDEX	Index	16,599.85	228.89	1.4%	0.6%	-5.0%
S&P 500	SPX INDEX	Index	1,978.09	25.06	1.3%	0.4%	-5.4%

Analyst Ratings

China

PetroChina - H (857 HK): Sell | Price: 5.68 | Target Price: 4.80 | Market Cap: 231.0 | 90D T/O: 102.4 | PER 2015E: 24.9 | PER 2016E: 43.6 | EV/EBITDA 2015E: 6.4 | EV/EBITDA 2016E: 7.2 | ROE %: 2.9 | P/BV (x): 0.7 | Yield (%): 1.8
Sinopec - H (386 HK): Buy | Price: 5.13 | Target Price: 6.00 | Market Cap: 89.5 | 90D T/O: 83.3 | PER 2015E: 12.4 | PER 2016E: 13.6 | EV/EBITDA 2015E: 5.5 | EV/EBITDA 2016E: 5.8 | ROE %: 6.5 | P/BV (x): 0.8 | Yield (%): 3.9
CNOOC LTD (883 HK): Buy | Price: 8.51 | Target Price: 11.70 | Market Cap: 49.0 | 90D T/O: 92.8 | PER 2015E: 15.6 | PER 2016E: 18.5 | EV/EBITDA 2015E: 4.0 | EV/EBITDA 2016E: 4.2 | ROE %: 5.1 | P/BV (x): 0.8 | Yield (%): 0.8
New Ocean Energy (342 HK): Buy | Price: 3.09 | Target Price: 7.70 | Market Cap: 0.6 | 90D T/O: 1.1 | PER 2015E: 4.3 | PER 2016E: 3.5 | EV/EBITDA 2015E: 4.2 | EV/EBITDA 2016E: 2.9 | ROE %: 19.0 | P/BV (x): 0.8 | Yield (%): 2.3

India

ONGC (ONGC IN): NR | Price: 229.3 | Market Cap: 29.5 | 90D T/O: 17.8 | PER 2015E: 8.3 | PER 2016E: 8.0 | EV/EBITDA 2015E: 4.3 | EV/EBITDA 2016E: 4.0 | ROE %: 13.3 | P/BV (x): 1.1 | Yield (%): 4.3
Reliance Industries (RIL IN): NR | Price: 868.2 | Market Cap: 42.3 | 90D T/O: 59.5 | PER 2015E: 11.7 | PER 2016E: 10.9 | EV/EBITDA 2015E: 10.1 | EV/EBITDA 2016E: 9.0 | ROE %: 11.2 | P/BV (x): 1.2 | Yield (%): 1.1
Cairn India (CAIR IN): Hold | Price: 145.3 | Target Price: 198.00 | Market Cap: 4.1 | 90D T/O: 7.0 | PER 2015E: 4.0 | PER 2016E: 7.0 | EV/EBITDA 2015E: 1.2 | EV/EBITDA 2016E: 2.0 | ROE %: 11.7 | P/BV (x): 0.4 | Yield (%): 6.3
BPCL (BPCL IN): NR | Price: 879.6 | Market Cap: 9.6 | 90D T/O: 25.5 | PER 2015E: 20.2 | PER 2016E: 11.3 | EV/EBITDA 2015E: 10.7 | EV/EBITDA 2016E: 7.4 | ROE %: 15.2 | P/BV (x): 3.0 | Yield (%): 1.7
HPCL (HPCL IN): NR | Price: 806.8 | Market Cap: 4.1 | 90D T/O: 24.6 | PER 2015E: 20.6 | PER 2016E: 9.6 | EV/EBITDA 2015E: 10.2 | EV/EBITDA 2016E: 7.4 | ROE %: 8.8 | P/BV (x): 1.9 | Yield (%): 2.1

Japan

INPEX (1605 JT): NR | Price: 1,080 | Market Cap: 13.1 | 90D T/O: 57.9 | PER 2015E: 18.2 | PER 2016E: 26.6 | EV/EBITDA 2015E: 2.9 | EV/EBITDA 2016E: 3.6 | ROE %: 3.2 | P/BV (x): 0.6 | Yield (%): 1.6
JAPEX (1662 JT): NR | Price: 3,310 | Market Cap: 1.6 | 90D T/O: 8.6 | PER 2015E: 5.4 | PER 2016E: 14.3 | EV/EBITDA 2015E: 4.8 | EV/EBITDA 2016E: 8.3 | ROE %: 7.7 | P/BV (x): 0.4 | Yield (%): 1.5
JX Holding (5020 JT): NR | Price: 446 | Market Cap: 9.2 | 90D T/O: 49.6 | PER 2015E: N/A | PER 2016E: 8.5 | EV/EBITDA 2015E: -251.4 | EV/EBITDA 2016E: -15.1 | ROE %: 10.0 | P/BV (x): 0.6 | Yield (%): 3.6
Showa Shell (5002 JT): NR | Price: 971 | Market Cap: 3.0 | 90D T/O: 17.1 | PER 2015E: 16.6 | PER 2016E: 11.3 | EV/EBITDA 2015E: 7.8 | EV/EBITDA 2016E: 6.5 | ROE %: 6.3 | P/BV (x): 1.3 | Yield (%): 3.9
TonenGeneral (5012 JT): NR | Price: 1,179 | Market Cap: 5.5 | 90D T/O: 19.4 | PER 2015E: 22.4 | PER 2016E: 12.5 | EV/EBITDA 2015E: 16.7 | EV/EBITDA 2016E: 11.7 | ROE %: 4.5 | P/BV (x): 1.6 | Yield (%): 3.2
Idemitsu (5019 JT): NR | Price: 3,895 | Market Cap: 2.5 | 90D T/O: 13.9 | PER 2015E: N/A | PER 2016E: 7.2 | EV/EBITDA 2015E: -32.6 | EV/EBITDA 2016E: -15.9 | ROE %: 8.2 | P/BV (x): 0.5 | Yield (%): 2.6
Cosmo (5007 JT): NR | Price: 171 | Market Cap: 1.2 | 90D T/O: 6.2 | PER 2015E: N/A | PER 2016E: 6.5 | EV/EBITDA 2015E: -179.0 | EV/EBITDA 2016E: -36.6 | ROE %: 9.8 | P/BV (x): 0.9 | Yield (%): 0.0

Malaysia

Gas Malaysia (GMB MK): Buy | Price: 2.20 | Target Price: 2.65 | Market Cap: 0.7 | 90D T/O: 0.2 | PER 2015E: 22.9 | PER 2016E: 22.8 | EV/EBITDA 2015E: 12.7 | EV/EBITDA 2016E: 12.3 | ROE %: 12.2 | P/BV (x): 2.8 | Yield (%): 4.4
Petronas Gas (PTG MK): Hold | Price: 21.50 | Target Price: 24.00 | Market Cap: 10.0 | 90D T/O: 6.1 | PER 2015E: 23.5 | PER 2016E: 23.3 | EV/EBITDA 2015E: 14.1 | EV/EBITDA 2016E: 13.8 | ROE %: 16.7 | P/BV (x): 3.8 | Yield (%): 3.0

Philippines

Petron Corp (PCOR PM): Buy | Price: 7.18 | Target Price: 11.25 | Market Cap: 1.4 | 90D T/O: 0.6 | PER 2015E: 16.4 | PER 2016E: 9.7 | EV/EBITDA 2015E: 8.0 | EV/EBITDA 2016E: 7.0 | ROE %: 4.4 | P/BV (x): 0.7 | Yield (%): 0.7
Phoenix Petro (PNX PM): Buy | Price: 3.25 | Target Price: 4.75 | Market Cap: 0.1 | 90D T/O: 0.1 | PER 2015E: 5.5 | PER 2016E: 4.9 | EV/EBITDA 2015E: 7.6 | EV/EBITDA 2016E: 6.9 | ROE %: 11.6 | P/BV (x): 0.6 | Yield (%): 3.1

Vietnam

PetroVietnam Gas (GAS VN): Buy | Price: 45,800 | Target Price: 92,000 | Market Cap: 3.9 | 90D T/O: 1.1 | PER 2015E: 9.9 | PER 2016E: 10.5 | EV/EBITDA 2015E: 4.8 | EV/EBITDA 2016E: 4.7 | ROE %: 23.4 | P/BV (x): 2.2 | Yield (%): 7.3

Asian Oil & Gas Average

PER 2015E: 17.6 | PER 2016E: 25.5 | EV/EBITDA 2015E: 2.0 | EV/EBITDA 2016E: 6.9 | Yield 2015E: 2.5

Asian Oil-Service Average

PER 2015E: 15.7 | PER 2016E: 18.8 | EV/EBITDA 2015E: 4.8 | EV/EBITDA 2016E: 5.0 | Yield 2015E: 2.0

Key Information

Oil Prices: Brent and WTI prices increased by 0.8% and 1.3% respectively, while other oil prices showed mixed movements.
Investment Outlook: Analysts have varied opinions on the sector, with some companies rated as "Buy" and others as "Sell".
Market Trends: The low oil price environment has impacted offshore drilling interest in the U.S. and led to strategic moves in countries like Indonesia and China.
Analyst Contacts: The document includes contact details for analysts in various regions, including Hong Kong, India, Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam.
Valuation Metrics: The report includes price-to-earnings ratios (PER), enterprise value-to-earnings before interest, taxes, depreciation, and amortization (EV/EBITDA), return on equity (ROE), price-to-book value (P/BV), and yield for each company.

展开完整摘要