Contents
Oil Sector a re-rating ahead? ....................................................................................... 3
Oil – The Long and Short of It ....................................................................................... 6
The short of it – cross asset correlation......................................................................... 8
Floating storage, is it really the sword of Damocles hanging over oil prices? ............. 12
View on our coverage.................................................................................................. 21
Company updates ....................................................................................................... 25
PetroChina – Hold; CP: HKD9.21; TP: HKD9.50 26
Sinopec – Reduce; CP: HKD6.96; TP: HKD6.00 31
CNOOC Ltd – Buy; CP: HKD10.42; TP: HKD12.50 36
Formosa Petrochemical – Reduce: CP: TWD76.50: TP: TWD60.00 41
Singapore Petroleum – Reduce; CP: SGD6.23; TP: SGD4.45 58
SK Energy – Buy; CP: KRW98,600; TP: KRW128,000 64
S-Oil Corp – Hold; CP: KRW58,500; TP: KRW54,000 71