高盛：亚太 能源产业－石油提炼行业 深度报告 43页

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<P><FONT size=5><U><EM>高盛：亚太 能源产业－石油提炼行业 深度报告 </EM></U></FONT></P>
<P><FONT size=5><U><EM>43页  PDF      May 11, 2007       05.11</EM></U></FONT></P>
<P><FONT size=5><U><EM>Asia Pacific: Energy: Oil - Refining</EM></U></FONT></P>
<P><FONT size=5><U><EM>Project delays => stronger 07-08 outlook, potential cycle extension</EM></U></FONT></P>
<P> </P>
<P> 116052.rar (540.11 KB, 需要: 8 个论坛币) 本附件包括：

• 高盛 石油提炼行业报告 070511.pdf

2007-5-12 09:54:00 上传

高盛：亚太 能源产业－石油提炼行业 深度报告 43页
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<P>Table of contents<BR>Project delays/cancellations due to severe cost inflation 3<BR>Improved 2007-08 outlook with further project delays likely 5<BR>Valuation attractive with 15.1% median total return potential 11<BR>Thai Oil (TOP.BK): Strong EBITDA growth and free cash flow yield; valuation compelling; Conviction Buy 16<BR>Reliance Petroleum (RPET.BO): Calibrating the runway; Conviction Buy 18<BR>Singapore Petroleum (SPCS.SI): Crouching lion, hidden value; initiate with Buy 20<BR>GS Holdings (078930.KS): Cambodia discovery and refinery upgrade to unlock further value 22<BR>S-Oil (010950.KS): “Bird in the hand“, one of the best leveraged to refining upturn 25<BR>SK Corp (003600.KS): Scale back on holdings 27<BR>Rayong Refinery (RRC.BK): Pure complex refiner most leveraged to GRM, but already priced in; initiate with Neutral 30<BR>Formosa Petrochemical (6505.TW): Expect further refinery margin expansion 32<BR>Indian Oil Corp (IOC.BO): Woes to continue in medium term; Sell 34<BR>Bharat Petroleum (BPCL.BO): The shadow’s length; Sell 36<BR>Hindustan Petroleum (HPCL.BO): Uncertainties linger on; Sell 38<BR>Disclosures 40<BR>Source: Company data, Goldman Sachs Research estimates.<BR>The prices in the body of this report are based on the market close of May 4, 2007, except where noted.</P>

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关键词：能源产业 深度报告 asia pacific cancellation Disclosures attractive potential valuation stronger outlook