Sector Note - Turning point? - by Itphong Saengtubtim ( - )
We have raised our oil-price assumptions by 33-42% for FY09-12, to US$60/bbl for FY09, US$75 for FY10, US$80 for FY11, and US$85 for the long term. With an improving demand outlook, we expect crude oil prices to trend higher over the next few years. Our new assumptions are based on: 1) a continued recovery in the global economy; 2) US$ weakness; 3) speculators' premiums on general commodity prices; and 4) continued tight supply from OPEC and non-OPEC producers. We have raised our EPS forecasts for oil and gas companies for FY10-11 as well as our target prices. Upgrade the sector to OVERWEIGHT from UNDERWEIGHT. Maintain OUTPERFORM on PTTEP and PGAS; upgrade PTT to OUTPERFORM from Neutral.
Tidak ada komentar:
Posting Komentar