DB 德银：亚洲冶炼行业毛利率研究 (25p)

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德银：亚洲冶炼行业毛利率研究 DB-asian refining margin

(25p) 01.22 英文 .pdf

FO spreads improve Asian Refining Margins

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2007-1-23 11:06:00 上传

DB 德银：亚洲冶炼行业毛利率研究 (25p)
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We are underweight Asian refiners. Our 2007F estimates for Asia (Sing) complex and simple refining margins (Rfm) are US$ 6.15/b & 2.75/b vs. US$5.69 and US$0.48 in 2006. The Asian complex and simple Rfm fell (-18.7%) and (-85%) in 2006. Returns on Asian refiners were a mixed bag in 2006 with SK Corp (+28%), FPCC (+18.7%) and others, mostly soft: S-Oil (-3%), Thai Oil (-21%), SPC (-9.17%) and Petron (-6.8%). For 2007F, we prefer simple to complex refineries as we expect FO spreads to improve in 2007F vs. 2006 due to lower oil prices.

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关键词：毛利率 REFINERIES Estimates Refining Refiners 亚洲 行业 德银 冶炼 毛利率