【出版时间及名称】：2010年5月欧洲石油开采设备行业研究报告
        【作者】：摩根斯坦利
        【文件格式】：pdf
        【页数】：28
        【目录或简介】：
Risk/reward outlook deteriorated: The European oil
service sector has outperformed the MSCI Europe by
43% and the OSX by 31% over the last 12 months.
Although our fundamental view on the sector’s cyclical
recovery as well as its structural growth prospects
remain unchanged, we believe the risk/reward outlook
for coming months has deteriorated. We expect a better
entry point again later in 2H and therefore lower our
sector view to ‘In-line’. We also downgrade our rating on
Acergy and Subsea 7 to UW and move both PGS and
Petrofac to EW again (from OW and UW respectively).
We see better value in US oil services, where our sector
rating remains ‘Attractive’.
Stocks now at normalised levels: In our report Too
Soon to Put Normalised Earnings on Past Multiples?
(May 18, 2009) we estimated normalised valuations for
all stocks under coverage. At the time, this showed
average upside of 71%. Due to the sector’s strong
performance, stocks are now on average at those levels.
Less upside to consensus earnings, particularly in
E&C: For E&C stocks (75% of market cap covered), we
saw on average 16% upside to consensus 2011e EPS
at the start of the year. This has now disappeared,
largely because of consensus upgrades.
Downside risk to oil prices increased: Increased
sovereign risk has put pressure on the