【出版时间及名称】：2010年欧洲石油天然气行业前景展望
        【作者】：Evolution
        【文件格式】：pdf
        【页数】：108
        【目录或简介】：
2010 Oil & Gas sector preview
Out of the valley bottom, at the mid station
The good, the bad and the ugly rose during 2009. However, in what we
expect to be a more benign oil price environment, 2010 will require a
more selective approach to stock picking. In this note we look at the
major themes affecting the three Oil & Gas subsectors (Integrated Oils,
E&Ps and Oil Services) as well as looking at each company individually.
In big oil, our preference for BP (Buy, TP 670p) over RDS (Reduce, TP
1750p) persists. BP’s operational gearing is combining with growth in production
to generate strong cashflow and comfortably meet dividend payments. RDS is still
going through a period of high capital expenditure and without the top line growth
dividend sustainability remains an issue. In Brazil, BG (Buy, TP 1450p) should
gain a clearer idea of how it will develop its pre-salt discoveries which should
enable the market put a fairer price on the assets than we think is currently being
applied. Of the Europeans, we expect Repsol-YPF (Add, TP