2010年2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2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】：
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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