KrisEnergy

KrisEnergy: Credit Suisse initiates coverage at Outperform with TP $0.93, giving 17% upside . In fact, using an unrisked valuation of $1.47, there is another 58% upside potential from the current TP when KrisEnergy fully develops its assets. KrisEnergy's portfolio of 19 assets offers a blended exposure to oil & gas assets in five countries. The company's work programme includes bringing online two oil fields in Thailand in 2015 which should transform its production and earnings profile. Thereafter, KrisEnergy has a strong pipeline of projects in Indonesia, Cambodia and Thailand. Credit Suisse notes KrisEnergy boasts a whopping production CAGR of 94% until 2016, where its production coudl reach 20,000 boe/d in 2016, 7x from its base of just 2,900 boe/d in 2013, when the two Thai oil fields start oil next yr. Production has the potential to grow up to 40k boe/d in 2018-19 if the co brings assets under appraisal to fruition. The house believes that valuation is cheap on 2.4x EV/(2P+2c) multiple relative to peers trading at a global median of 4x.