O&G: JPM reads through US and European oil companies’ results to Asian O&G sector, expecting a weaker refining environment and a gradual recovery in petrochemicals and mixed views on LNG market.
Risks for Singapore yards KEP and SMM are reiterated as delays to pre-salt Brazil are not ruled out though the progress is on track now.
The house rate KEP Neutral with TP of $8.80 and SMM Underweight with TP of $2.40.
No comments:
Post a Comment