报告名称：Kogas(036460)E&P concerns to dissipate
报告类型：海外市场
报告日期：2016-01-08
研究机构：三星证券株式会社
页数：6
简介：Kogas cut wholesale city-gas tariffs on Jan 1 to reflect an oil price-driven decline infuel costs, but the move should have little impact on its LNG earnings, given theguaranteed rate of return tariff system.
The firm could book impairment losses of up to KRW1t on overseas E&P projects ifoil prices stay around USD30/bbl. Whether this happens should be seen in 1H.
We lower our target price for Kogas to KRW55,000 to reflect weak oil prices, butreiterate BUY as uncertainties over E&P impairment losses should dissipate in 1H.
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