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报告摘要

Regional Oil & Gas Summary - 25 September 2014

Core Content

The document provides an overview of the regional oil and gas market as of 24 September 2014, highlighting key price movements, major news headlines, and analyst reports. It includes information on crude oil, LNG, gas prices, and financial data for various companies in Asia, including China, India, Japan, Malaysia, Philippines, Thailand, and Vietnam. Additionally, it presents valuation comparisons and market cap-weighted averages for both oil and gas companies and oil service providers.

Main Price Movements

Brent Crude Oil: Edged lower by 0.1% to USD96.95/BBL.
WTI Crude Oil: Rose by 1.4% to USD92.80/BBL.
Dubai Fateh Spot: Declined by 0.7% to USD94.44/barrel.
China Daqing Spot: Dropped by 0.9% to USD93.11/barrel.
NYMEX Henry Hub: Increased by 2.5% to USD3.91/MMBtu.
LNG Northeast Asia CFR: Slightly declined by 0.05 to USD15.80/MMBtu.
Singapore 92 RON Spot: Rose by 0.1% to USD108.66/barrel.
Gasoil 500 ppm SG Spot: Fell by 0.6% to USD110.50/gallon.
3.5% 180cst Fuel SG Spot: Decreased by 0.4% to USD567.72/mt.
Gold: Dropped by 0.5% to USD1,217.09/Oz.
USD-CNY: Slightly declined to 6.13.
Dow Jones Industrial Average (DJI): Increased by 0.9% to 17,210.06.
S&P 500: Rose by 0.8% to 1,998.30.

Key News Headlines

Tokyo Gas to avoid Russia LNG deals: Due to sanctions, Tokyo Gas is unlikely to purchase more LNG from Russia, which accounts for 10% of Japan's LNG imports.
Singapore's Pavilion Energy to buy BP LNG: Pavilion Energy is set to purchase 400,000 tonnes per annum of LNG from BP for 20 years starting in 2019.
Pakistan divests from OGDC: The government plans to sell 10% of its shareholding in OGDC to raise about USD816m, reducing its stake to 67.5%.
Abu Dhabi invests in UK wind farm: Abu Dhabi's Mubadala is investing £525m in the Dudgeon wind project, acquiring a 35% stake from Statoil.
CNOOC starts oil drilling in Uganda: The first oil drilling phase in the Kingfisher oil field began, signaling a step toward commercial production.
Kazakhstan remains China's cheapest pipeline gas source: China pays USD3.38/MMBtu for Kazakh pipeline gas, significantly less than other sources.

Analyst Reports

Yangzijiang Shipbuilding: Reiterate BUY, with a target price of SGD1.38. The company is gaining market share due to high new orders and a large order book.
Sinopec: Maintain HOLD, with a target price of HKD6.65. The company's marketing division is expected to face downward revisions in earnings estimates.
Working visit to Oslo, Norway: Focus on O&G, shipping, and telco industries. Positive outlook on FPSO and OSV sectors, with a BUY recommendation on Yinson Prod.

Valuation Comparison

Asia Oil & Gas Market Cap-Weighted Average:
- P/E (2014E): 11.7
- EV/EBITDA (2014E): 10.7
- RoE % (2014E): 9.9
- P/B (2014E): 7.7
- Yield % (2014E): 9.6
Asia Oil Service Market Cap-Weighted Average:
- P/E (2014E): 11.0
- EV/EBITDA (2014E): 10.4
- RoE % (2014E): 4.1
- P/B (2014E): 4.0
- Yield % (2014E): 13.1

Key Information

Market Trends: The Asian oil and gas market shows mixed performance, with some companies like Pavilion Energy and CNOOC making strategic moves in the LNG and exploration sectors.
Geopolitical Impact: Middle East tensions are influencing gold prices and LNG market dynamics.
Investment Outlook: Analysts suggest a cautious approach to the market, with some companies receiving positive ratings while others are under review or not rated.
Valuation Metrics: The report provides detailed valuation metrics including P/E, EV/EBITDA, RoE, and P/B ratios, which can be used to assess the relative value of companies in the region.

Analyst Contact Details

Howard Wong (HK/CHINA): (852) 22680648, howardwong@kimeng.com.hk
Jigar Shah (INDIA): (91) 2266232601, 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
Bianca Solema (PHILIPPINES): (63) 28498835, bianca_solema@maybank-atrke.com
Laura Dy-Liacco (PHILIPPINES): (63) 28498840, laura_dyliacco@maybank-atrke.com
Yeah Chee Keong (SINGAPORE): (65) 6432 1460, yeakcheekeong@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) 444555888×8087, binh.truong@maybank-kimeng.com.vn