【出版时间及名称】：2010年2月亚洲石化行业研究报告
        【作者】：野村证券
        【文件格式】：PDF
        【页数】：64
        【目录或简介】：
Contents
A bumpy ascent 3
Executive summary 3
Stock recommendations 3
Sector valuations 5
Historical valuations 7
Key investment risks 9
2009 – A tale of two halves 10
Sector fundamentals 10
Company performance and earnings trends 12
A gradual rebalancing 14
Slowing supply additions and closures 14
Improving demand 15
Chinese stimulus to boost 2013-14 capacity 18
Chinese refineries – turning to an export strategy? 18
Revising supply/demand estimates 20
Cutting margin expectations 21
Breadth is best 23
Bright outlook for aromatics 23
Lubricant margins on the up 26
Appendix 28
New capacity delays and closures 28
Major refinery projects 29
Chinese gasoline demand 30
Global oil product demand trends & forecasts 31
Macroeconomic data 34
Latest companies view
GS Holdings 35
PTT Aromatics 38
SK Energy 43
Thai Oil 46
S-Oil 51
Formosa Petchem 55