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Oil and Gas Corporate Day - O&G conference takeaways

Shared By Stock Fanatic on Monday, July 9, 2018 | 9.7.18

• 58 investors met with nine companies from the region in our recently held DBS Oil and Gas Corporate Day

• Investors show keen interests in O&G outlook and proxies to ride the recovery

• Industry expert Rystad expects offshore segment to lead global E&P capex, with CAGR of 11% during 2018-2023, positive for offshore value chain

• Prefer E&P, Refineries and Rigbuilders for now; keeping a close watch on service providers

In this report, we have summarised the key takeaways for Rystad’s repsentation . and nine companies featured in DBS Oil and Gas Corporate Day Read More

1. AKR Corporindo (AKRA IJ)
2. Anton Oil (3337 HK)
3. Bangchak Corporation (BCP TB)
4. Ezion (EZI SP)
5. Hibiscus Petroleum (HIBI MK)
6. Krisenergy (KRIS SP)
7. Medco Energy (MEDC IJ)
8. PTG Energy (PTG TB)
9. Wintermar (WINS IJ)

Rystad’s optimistic on oil price and offshore E&P capex. Rystad Energy forecasts oil price to be in the range of US$7580/bbl in the medium term. Overall global E&P capital expenditure (capex) is expected to grow at 7% CAGR over 2018-2023, driven by offshore exploration & production (E&P) capex growing at around 11% CAGR. This is good news for services players, with seismic activity set to see strongest growth in the near term and offshore drillers to see reasonable growth of around 7-8% CAGR over 2017-20 in Asia, Middle East and South America. Trends for offshore vessels should pick up, with close to double digit CAGR over 2017-20 for most regions.

Keppel Corp - Technical Analysis
Daily Chart
Sembcorp Marine - Technical Analysis
Daily Chart
Keep a watch on service providers. Currently, we favour the upstream E&P companies (CNOOC, Petrochina, Medco, Hibiscus), refineries (Sinopec, Bangchak), and shipyards (Keppel and SMM). As oil prices steadily hover above US$70/bbl, fueling offshore capex, spotlight will gradually be switched to the service providers such as the drillers (Anton), offshore support vessel (OSV) owners (Ezion, Wintermar) and oilfield / rig services companies.

Source : DBS Group Research
(Read Report)

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Posted on Monday, July 9, 2018 | 9.7.18
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