20151015-Maybank_KERPL-Regional_O_il___Gas_11页_788kb
报告摘要
Regional Oil & Gas Summary
Core Content Overview
This document provides an overview of the oil and gas market in the Asia-Pacific region, with a focus on price movements, company-specific updates, and analyst ratings. It also includes data on oil and gas valuations, with details on market capitalization, earnings, and financial metrics.
Key Market Movements
- Crude Oil Prices (14 October 2015):
- Brent Crude: Fell by 0.2% to USD49.15/bbl, with a 1-month change of 3.8%.
- WTI Crude: Remained unchanged at USD46.64/bbl, with a 1-month change of 5.0%.
- Dubai Fateh Spot: Fell by 1.4% to USD46.68/barrel.
- China Daqing Spot: Fell by 2.8% to USD42.65/barrel.
- LNG Northeast Asia CFR: ICAP's JKL 1-month forward price was USD6.70/MMBtu.
- Singapore 92 RON Spot: Rose slightly by 0.1% to USD59.74/barrel.
- Gasoil 500 ppm SG Spot: Fell by 1.1% to USD59.40/gallon.
- 3.5% 180cst Fuel SG Spot: Rose by 0.3% to USD245.54/mt.
- Gold: Rose by 1.3% to USD1,184.13/Oz.
- USD-CNY Exchange Rate: Rose by 0.1% to 6.35.
- Dow Jones Industrial Average (DJI): Fell by 0.9% to 16,924.75.
- S&P 500: Fell by 0.5% to 1,994.24.
Company Updates
- Icon Offshore: Terminated a vessel order with Danish Yachts, receiving MYR13.7m in reimbursement. The company is considering further actions for outstanding OSV orders.
- Perisai Petroleum: Proposed a $10% private placement to raise MYR40m, primarily for debt repayment. The SELL rating remains unchanged.
- KNM Group: Secured a £88m (MYR581m) EPCC contract in the UK, including O&M for a WTE plant. The BUY rating is maintained.
Company Ratings and Valuations
| Company | Ticker | Maybank KE Rating | Price (14-Oct) | Target Price | Market Cap (USDm) | 90D T/O (USDm) | PER 2015E | PER 2016E | EV/EBITDA 2015E | EV/EBITDA 2016E | ROE % | P/BV (x) | Yield (%) |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| PetroChina - H | 857 HK | Sell | 6.30 | 4.80 | 240.0 | 85.2 | 27.7 | 48.1 | 6.8 | 7.6 | 2.8 | 0.8 | 1.6 |
| Sinopec - H | 386 HK | Buy | 5.57 | 6.00 | 94.7 | 68.1 | 13.5 | 14.7 | 5.8 | 6.1 | 6.5 | 0.9 | 3.6 |
| CNOOC LTD | 883 HK | Buy | 9.06 | 11.70 | 52.2 | 89.3 | 16.7 | 19.7 | 4.3 | 4.4 | 5.1 | 0.8 | 0.8 |
| New Ocean Energy | 342 HK | Buy | 3.22 | 7.70 | 0.6 | 0.9 | 4.5 | 3.7 | 4.3 | 3.0 | 19.0 | 0.8 | 2.2 |
| ONGC | ONGC IN | NR | 255.0 | NR | 33.7 | 18.3 | 9.2 | 8.9 | 4.7 | 4.5 | 13.3 | 1.2 | 3.9 |
| Reliance Industries | RIL IN | NR | 903.0 | NR | 45.1 | 51.6 | 12.1 | 11.4 | 10.4 | 9.2 | 11.2 | 1.3 | 1.1 |
| Cairn India | CAIR IN | Hold | 158.7 | 198.00 | 4.6 | 6.5 | 4.4 | 8.2 | 1.5 | 2.5 | 11.7 | 0.5 | 5.7 |
| BPCL | BPCL IN | NR | 862.3 | NR | 9.6 | 22.8 | 19.8 | 10.8 | 10.6 | 7.1 | 15.2 | 2.9 | 1.8 |
| HPCL | HPCL IN | NR | 764.0 | NR | 4.0 | 24.1 | 19.6 | 9.1 | 9.9 | 7.2 | 8.8 | 1.8 | 2.2 |
| Petron Corp | PCOR PM | Buy | 7.01 | 11.25 | 1.4 | 0.5 | 16.0 | 9.5 | 7.9 | 6.9 | 4.4 | 0.7 | 0.7 |
| Phoenix Petro | PNX PM | Buy | 3.50 | 4.75 | 0.1 | 0.0 | 6.0 | 5.2 | 7.7 | 7.0 | 11.6 | 0.7 | 2.9 |
| S-Oil | 010950 KS | NR | 66,600 | NR | 6.6 | 19.7 | 9.5 | 9.3 | 6.7 | 7.1 | 15.4 | 1.4 | 3.0 |
| SK Innovation | 096770 KS | NR | 109,000 | NR | 8.9 | 36.4 | 8.2 | 8.7 | 6.5 | 6.9 | 7.9 | 0.6 | 2.6 |
| GS Holdings | 078930 KS | NR | 48,750 | NR | 4.0 | 8.5 | 9.1 | 8.5 | 8.4 | 8.4 | 7.9 | 0.7 | 2.6 |
| PTT Global Chemical PCL | PTTGC TB | Buy | 60.00 | 87.00 | 7.7 | 22.9 | 9.9 | 8.8 | 6.4 | 6.0 | 11.3 | 1.1 | 4.7 |
| PTT PCL | PTT TB | Buy | 262.0 | 395.00 | 21.2 | 61.8 | 9.1 | 8.3 | 6.1 | 5.7 | 10.7 | 1.0 | 4.3 |
| Thai Oil PCL | TOP TB | Sell | 54.50 | 65.00 | 3.2 | 8.6 | 9.1 | 9.3 | 6.4 | 6.2 | 13.6 | 1.2 | 4.6 |
| Asian Refiners average | - | - | - | - | - | - | 13.6 | 12.5 | - | 9.3 | 7.6 | 1.7 | 3.2 |
| Asian E&P average | - | - | - | - | - | - | 16.8 | 20.0 | 5.1 | 5.4 | 7.1 | 1.2 | 1.9 |
Analyst Contacts
- 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 | tliaw@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
Notes
- LNG Northeast Asia CFR is ICAP's JKL 1-month forward price for LNG to Platts' assessment of the spot physical LNG market.
- **All forward-looking estimates and multiples for companies not under MayBank Kim Eng's coverage, including companies currently under review, are from Bloomberg consensus.
- Average multiples and yields are weighted by market capitalization.
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