2010年1月全球石油开采设备行业研究报告

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【出版时间及名称】：2010年1月全球石油开采设备行业研究报告
        【作者】：汇丰银行
        【文件格式】：PDF
        【页数】：92
        【目录或简介】：
If you’re looking for earnings growth in
2010 then look elsewhere - much of oil
services will be flat-to-down; the year of
the Tiger could be a disappointment
􀀗 But we think discretionary spend could
pick up and E&P capex plans to date are
up 6%. Backlogs face a potential 2010
recovery and the year of the Rabbit
(2011) looks much more promising.
􀀗 Being selective in 2010 - our key themes
are re-investment and recovery. We see
Saipem (target EUR32), Technip (EUR
68), Bourbon (EUR 40) as re-investment
plays; Aker Solutions* (NOK125),
Wellstream (793p) and CGGVeritas (EUR
24) as recovery plays – all rated OW(V).
Our target prices also move up 12%.
What a difference a year makes
From wreck to recovery in 12 months - not bad going for a
sector with a less than perfect record of handling cyclical ups
and downs. The long term future is bright, thanks in no small
part to structural offshore growth trends, but much of this
sector is “long cycle” and the year of the Tiger is likely to
see newsflow, not earnings growth. We're not convinced the
sector is immune to further project delays in the near term,
and we see less help from Brazil than last year. But the good
news is that E&P capex plans so far are up 6% yoy, and
discretionary spend could pick up faster than many expect.
This sector has doubled in the last year, but valuations are
only around trend (1.6-1.7x sales) and there’s still 90%
upside to previous peak levels. We've rolled forward our
valuation machinery a year, and raised target prices by an
average of 12% across our coverage - we see 30% potential
return for the sector overall. But after the 2009 rally,
selectivity is increasingly important, and we think our twin
themes of ‘re-investment’ and ‘recovery’ are key to picking
the relative winners. Our re-investment plays are Saipem,
Technip and Bourbon (new addition); our recovery plays are
Aker Solutions*, CGGVeritas & Wellstream (new addition).
*AKSO included in the HSBC Europe Super 10 portfolio

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关键词：行业研究报告 研究报告 石油开采 行业研究 Increasingly elsewhere potential 汇丰银行 研究报告 growth

好价格！！！！

一年多了,还这么贵吗?