【出版时间及名称】：2010年2月土耳其石油行业研究报告
        【作者】：汇丰银行
        【文件格式】：PDF
        【页数】：52
        【目录或简介】：

Improving business environment
provides strong growth, particularly for
Tupras, Petkim and Turcas
􀀗 Aygaz offers deep value but valuations of
Tupras, Petkim and Turcas are also
attractive
􀀗 We maintain Overweight ratings on Aygaz,
Tupras, Petkim and Turcas (target TRY6.8
from TRY6.2) while upgrading Petrol Ofisi
to Neutral (V) from Underweight (V), target
price TRY7 from TRY5.5
Identifying the winners
Despite performing admirably in a recession year, we argue that
Turkish oil sector companies are poised for earnings growth in
2010-11, benefiting from the economic recovery. Unlike 2009,
expectations of bottom-line growth in 2010 are not coloured by
FX and inventory losses, and stem purely from the improved
operational outlook. Increasing demand is the key and should be
enough to drive higher profits starting this year.
We analyse both consensus and HSBC views on the sector and
identify the names that are best positioned for the upcoming
years. We like four of the five stocks under our coverage: while
we think Aygaz offers deep value, the valuations of Tupras,
Petkim and Turcas are also attractive on a long-term view. For
growth, we view Petkim and Turcas as the best options for 2010,
as both should reap the benefits of their restructuring efforts. We
also favour Tupras on a longer-term view thanks to the gradual
recovery in refining margins. We maintain our Overweight (V)
ratings on Aygaz and Tupras, remove the volatility flag from our
Overweight rating on Turcas and upgrade Petrol Ofisi to Neutral
(V) from Underweight (V).