【出版时间及名称】：MIRAE-KOREA REFINERIES INDUSTRY-SENTIMENT RECOVERING-100315
      【作者】：mirae asset
      【文件格式】：pdf
      【页数】：52
      【目录或简介】：
Investment summary.....................................................................................2
Gradual recovery of refining sector 2
Still high inventory level and supply from China 2
Rebound in utilization rate a potential risk to margins 2
Korean refinery top pick: SK Energy 2
Refining margin to rise steadily.....................................................................4
Refining margin growth necessary, sufficient to slow inventory growth 4
But petroleum inventories are still too high and need to be lowered 5
Strong China supply will keep market in slight oversupply...........................7
Better conditions for Chinese refiners to cap refining margin growth 7
Welcome China’s demand increase, but concerned about production growth 9
Chinese refineries to expand investment upon profit growth 11
Rebound in utilization rate a potential worry..............................................13
Upturn in utilization rates and possibility of supply increase 13
Capacity addition continues despite low utilization rates 14
SK Energy our top pick among domestic oil refiners ...................................16
Company section
SK Energy (096770 KS, BUY): Upstream, a safe bet....................................20
GS Holdings (078930 KS, BUY): Economics of the complexity ratio ...........33
S-Oil (010950 KS, HOLD): Staying in the doldrums.....................................42
Analyst profile ..............................................................................................49