【出版时间及名称】：YUANTA-CHINA OIL, GAS&CONSUMABLE FUELS-INDUSTRY INITIATION-100315
      【作者】：yuanta
      【文件格式】：pdf
      【页数】：94
      【目录或简介】：
Yuanta
China: Oil, Gas & Consumable Fu els 15 Mar, 2010 Industry Initiation Page 2 of 94
Table of contents
Executive summary ............................................................................................... 3
The global picture................................................................................................. 5
China to aggressively ramp up domestic natural gas production ............................ 9
Unconventional gas to increase gas reserves ....................................................... 13
China’s natural gas price regime needs an overhaul............................................. 17
How should we invest to capture growth in the gas sector?.................................. 21
CNPC Hong Kong (135 HK); BUY............................................................. 30
Investment thesis .................................................................................................. 31
Valuation............................................................................................................... 33
Earnings outlook ................................................................................................... 36
Cash flow and balance sheet ................................................................................. 38
Investment considerations .................................................................................... 40
Company overview................................................................................................ 42
Company structure................................................................................................ 44
Company strategy ................................................................................................. 45
Risks to our BUY recommendation ........................................................................ 49
China Oil & Gas Group (603 HK); BUY ..................................................... 51
Investment thesis .................................................................................................. 52
Valuation............................................................................................................... 54
Earnings outlook ................................................................................................... 56
Cash flow and balance sheet ................................................................................. 59
Investment considerations .................................................................................... 62
Company overview................................................................................................ 64
Company strategy ................................................................................................. 68
Risks to our BUY recommendation ........................................................................ 70
China Resources Gas (1193 HK); HOLD................................................... 72
Investment thesis .................................................................................................. 73
Valuation............................................................................................................... 74
Earnings outlook ................................................................................................... 76
Cash flow and balance sheet ................................................................................. 79
Investment considerations .................................................................................... 82
Company overview................................................................................................ 84
Company structure................................................................................................ 86
Company strategy ................................................................................................. 88
Risks to our investment recommendation ............................................................. 89
Appendix A: Important Disclosures ..................................................................... 91