Singapore Stock Market News
Singapore Oil & Gas Sector - Lower crude price extended; Flex growth to weather trough
StockFanatic
Publish date: Wed, 09 Sep 2015, 12:37 PM
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● We revise KrisEnergy's TP to S$0.44/sh from S$0.53/sh. There will be a doubling of YoY production in 2016 from Nong Yong and Wassana where first oil has commenced. Funds raised from rights issue leaves it in a more comfortable financial position. 2015/16E EPS reduced from US¢5.4/5.2 to US¢4.8/2.4.
● RH Petrogas' TP is revised to S$0.20/sh from S$0.30/sh. Severe fiscal terms and cost at Basin PSC which contributes ~90% of production will challenge short-term earnings. We see investment capex deferred as prolonged crude price trough makes raising funds more difficult in the next 12 months. We cut our 2015/16E EPS from US¢-1.3/0.3 to US¢-1.7/-0.4.
● Prefer KrisEnergy over RH Petrogas. Kris will benefit from volumetric production growth, albeit at muted prices. RHP is biased towards crude, and being late to fund raise is in a less favourable position.
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This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
LanSeeBoy
Mad izzit!? Still 'prefer...'...sell /avoid both lah !
2015-09-09 14:02