maybank research aug 30 2012

7/28/2019 Maybank Research Aug 30 2012

1/8

SEE APPENDIX I FOR IMPORTANT DISCLOSURES AND ANALYST CERTIFICATIONS

Sector Update 30 August 2012

PP16832/01/2013 (031128)Malaysia

Oil & GasUp and coming development down southUpdates on the Pengerang project. We recently attended a breakfast

briefing with the management of Performance Management & Delivery

Unit (PEMANDU), Malaysia Petroleum Resources Corporation (MPRC)

and Iskandar Regional Development Authority (IRDA) in Singapore on

developments in Johors O&G industry. The briefing reveals continuous

excitement for the industry which supports our Overweight call. PGAS,

Gas Malaysia, Dialog and MMHE are the beneficiaries.

Two major investments totaling USD18b to be unveiled soon. Theplanned projects comprise refineries and petrochemical plants. These

two facilities, occupying 6,000 acres of land that borders PETRONAS

Refinery and Petrochemical Integrated Development (RAPID) complex,

will have a combined refining capacity of 450k bpd. Also, a sizeable plot

of land has been demarcated for light industrial development.

PETRONAS RAPID projectto be operational in 2016. The USD20b

investment covering 6,000 acres of land will encompass: (i) a refinery

(300k bpd refining capacity), naphtha cracker and petrochemical plants,

(ii) a LNG regasification facility and (iii) a power generation plant. The

project is projected to commence operations by 2016. The capacity of

the LNG regasification and power plants has yet to be determined.

Dialog-Vopak to spearhead the development of independent tank

terminal storage facility. The 500 acres of reclaimed land, located

south of PETRONAS RAPID project has the potential to house 5m cu

m tank storage capacity, on a USD1.5-3.5b investment. The first phase

(initial storage capacity of 1.3m m) is scheduled to commence

operations by 2014. While the initial blueprint indicates a 5m m

capacity by 2020, Dialog has also stated that it could double the

storage capacity to 10m m should the need arise.

Petroleum trading. Dialog-Vopaks tank terminal storage facility in

Pengerang of such magnitude is an opportunity to build an oil trading

business. MPRC has engaged Platts (a leading provider of global

energy, petrochemicals & metal information and a premier source of

benchmark price assessments for commodity markets) to explore this

potential. A Global Incentives for Trading (GIFT) programme (details on

pg 2) was recently introduced to attract global companies trading in

petroleum and products to locate their operations in Malaysia.

LNG selling price to be based on Bintulu ex-price? Pending an

official announcement, we gather that the formula for imported LNG to

be on-sale from PETRONAS new LNG regasification plant in Melaka

would be based on Bin tu lus export gas pr ice less disco unts. The

discount to be applied for the power sector is likely to be higher than the

non-power sector. This is a sensible approach, in our view, for such a

pricing structure will not disadvantage the domestic consumers in

paying a higher price than the LNG exports.

Overweight (unchanged)

Wong Chew [email protected](03) 2297 8688

O&G: Summary of recommendations

Stock Name Ticker Rec Shr Price@ 29 Aug

TP(MYR)

Alam Maritim AMRB MK Hold 0.54 0.60

Bumi Armada BAB MK Buy 3.77 4.88

Dialog DLG MK Buy 2.36 3.05

Gas Malaysia GMB MK Hold 2.63 2.76

KNM KNMG MK Hold 0.69 0.88

MMHE MMHE MK Buy 4.83 5.70

Perdana Pet PETR MK Hold 0.71 0.55

Perisai PPT MK Buy 0.95 1.40

Petronas Gas PTG MK Hold 19.52 20.20

SapuraKencana SAKP MK Buy 2.40 2.68

Tj Offshore TOFF MK Sell 0.40 0.70

Wah Seong WSC MK Buy 1.83 2.20

Yinson YNS MK Buy 2.00 2.54

Source: Maybank KE


2/830 August 2012 Page 2 of 8

Oil & GasPotential winners. We see Petronas Gas and Gas Malaysia benefiting

from the new LNG regasification plant while Dialog could see more

works and earnings flowing through from the independent tank terminal

storage facility. MMHE, meanwhile, is a potential beneficiary of works

from the refinery and petrochemical projects that are to be unveiled.

Oil & Gas: Sector Summary Table (calendarised)

Company Mkt cap Rec Shr px TP EPS EPS Grth (%) PE (x) Div Yield (%)

(MYRm) 17-Jul CY12F CY13F CY12F CY13F CY12F CY13F CY12F CY13F

(MYR) (MYR) (sen) (sen)

Petronas Gas 38,624.8 Hold 19.52 20.20 73.1 83.3 0.4 14.0 26.7 23.4 2.6 2.6

SapuraKencana 12,010.5 Buy 2.40 2.68 12.0 13.3 44.2 10.8 20.0 18.0 - -

Bumi Armada 11,041.0 Buy 3.77 4.88 18.2 21.4 37.5 17.8 20.7 17.6 - -

MMHE 7,728.0 Buy 4.83 5.70 19.5 27.9 (2.0) 43.2 24.8 17.3 1.6 1.6

Dialog Group 5,679.3 Buy 2.36 3.05 8.5 10.4 11.0 23.2 27.9 22.6 1.7 2.2

Gas Malaysia 3,376.9 Hold 2.63 2.76 11.5 14.3 (35.5) 24.2 22.8 18.4 4.4 4.1Wah Seong 1,418.0 Buy 1.83 2.20 16.1 19.2 1.6 19.1 11.4 9.6 5.5 6.6

Perisai 804.9 Buy 0.95 1.40 10.7 10.8 278.2 1.5 8.8 8.7 - -

KNM Group 685.7 Hold 0.69 0.88 8.3 11.0 nm 33.6 8.3 6.2 - -

Alam Maritim 425.1 Buy 0.54 0.60 7.2 7.8 103.8 9.1 7.5 6.9 - -

Yinson 400.7 Hold 2.00 2.54 17.3 25.0 nm 44.7 11.6 8.0 1.2 1.3

Perdana 349.1 Hold 0.71 0.55 (2.6) (1.5) nm) nm nm nm - -

Tj. Offshore 115.9 Sell 0.40 0.70 3.0 3.3 0.4 14.0 13.3 12.1 nm Nm

Simple Average 17.3 14.3 1.4 1.5

Source: Maybank KE

GIFT: Global Incentives for Trading

Object ive

Attract global companies trading in petroleum and petroleum products to locate their regional operations to Malaysia

Key incent ives

3% flat tax rate on chargeable profits

5 year blanket approval

50% tax exemption on gross income for foreign professionals

Requirements

Generate a minimum annual total revenue of USD100mSpend a minimum annual local expenditure of USD1m

Employ a minimum of 3 professional traders

Current members

Vitol, PETRONAS Trading Company (PETCO), YTL Power international, Dialog, B.B. Energy, Petronas LNG, Westsun,Onsys Energy

Source: MPRC



Oil & GasSnapshot of Pengerang project

Source: MPRC

Snapshot of Pengerang project

Source: MPRC



Oil & GasCurrent and upcoming projects in Malaysia

Source: MPRC

Snapshot of Pengerang project

Source: MPRC



Oil & GasRESEARCH OFFICES

REGIONALPKBASURegional Head, Research & Economics(65) 6432 1821 [email protected]

WONG Chew Hann, CA

Acting Regional Head of Institutional Research(603) 2297 8686 [email protected]

THAM Mun Hon

Regional Strategist(852) 2268 0630 [email protected]

ONG Seng YeowRegional Products & Planning(852) 2268 0644 [email protected]

ECONOMICSSuhaimi ILIASChief Economist Singapore | Malaysia(603) 2297 8682 [email protected]

Luz LORENZOEconomist Philippines | Indonesia

(63) 2 849 8836 [email protected]

MALAYSIAWONG Chew Hann, CAHead of Research(603) 2297 8686 [email protected] Strategy Construction & InfrastructureDesmond CHNG, ACA(603) 2297 8680 [email protected] Banking - RegionalLIAW Thong Jung(603) 2297 8688 [email protected]

Oil & Gas

Automotive ShippingONG Chee Ting(603) 2297 8678 [email protected]

PlantationsMohshin AZIZ

(603) 2297 8692 [email protected] Aviation Petrochem

PowerYIN Shao Yang, CPA(603) 2297 8916 [email protected] GamingRegional

Media

PowerWONG Wei Sum, CFA(603) 2297 8679 [email protected] Property & REITsLEE Yen Ling(603) 2297 8691 [email protected]

Building Materials Manufacturing Technology

LEE Cheng Hooi Head of [email protected] Technicals

HONG KONG / CHINAEdward FUNGHead of Research(852) 2268 0632 [email protected] ConstructionIvan CHEUNG(852) 2268 0634 [email protected]

Property IndustrialIvan LI(852) 2268 0641 [email protected] Banking & FinanceJacqueline KO(852) 2268 0633 [email protected] Consumer StaplesAndy POON(852) 2268 0645 [email protected]

Telecom & equipmentSamantha KWONG(852) 2268 0640 [email protected] Consumer DiscretionariesAlex YEUNG(852) 2268 0636 [email protected] IndustrialCatherine CHAN(852) 2268 0631 [email protected]

Cement

Anita HWANG, CFA | Jacky WONG, [email protected] | [email protected](852) 2268 0142 | (852) 2268 0107

Special Situations Quants

NDIAJigar SHAHHead of Research(91) 22 6623 2601 [email protected] Oil & Gas Automobile CementAnubhav GUPTA(91) 22 6623 2605 [email protected]

Metal & Mining Capital goods PropertyHaripreet BATRA(91) 226623 2606 [email protected] Software MediaGanesh RAM(91) 226623 2607 [email protected] Telecom

ContractorDarpin SHAH(91) 226623 2610 [email protected]

Banking & Financial ServicesGagan KWATRA(91 )226623 2612 [email protected] Small Cap

SINGAPOREStephanie WONGHead of Research(65) 6432 1451 [email protected] Strategy Small & Mid CapsGregory YAP(65) 6432 1450 [email protected]

Technology & Manufacturing Telcos - RegionalWilson LIEW(65) 6432 1454 [email protected]

Hotel & Resort Property & ConstructionJames KOH(65) 6432 1431 [email protected]

Logistics Resources

Consumer Small & Mid Caps

YEAK Chee Keong, CFA(65) 6433 5730 [email protected]

Healthcare Offshore & MarineAlison FOK(65) 6433 5745 [email protected]

Services S-chipsBernard CHIN(65) 6433 5726 [email protected] Transport (Land, Shipping & Aviation)ONG Kian Lin

(65) 6432 1470 [email protected] REITs / PropertyWeiBin(65) 6432 1455 [email protected]

S-chips

Small & Mid Caps

INDONESIAKatarina SETIAWANHead of Research

(62) 21 2557 1125 [email protected]

Consumer Strategy TelcosLucky ARIESANDI,CFA(62) 21 2557 1127 [email protected] Base metals Coal Oil & GasRahmi MARINA

(62) 21 2557 1128 [email protected] Banking MultifinancePandu ANUGRAH(62) 21 2557 1137 [email protected] Auto Heavy equipment Plantation Toll roadAdi N. WICAKSONO

(62) 21 2557 1130 [email protected] GeneralistAnthony YUNUS(62) 21 2557 1134 [email protected]

Cement Infrastructure PropertyArwani PRANADJAYA(62) 21 2557 1129 [email protected]

Technicals

ILIPPINESLuz LORENZOHead of Research+63 2 849 8836 [email protected]

StrategyLaura DY-LIACCO(63) 2 849 8840 [email protected] Utilities

Conglomerates

TelcosLovell SARREAL(63) 2 849 8841 [email protected] Consumer

Media Cement MiningKenneth NERECINA(63) 2 849 8839 [email protected]

Conglomerates Property Ports/ LogisticsKatherine TAN(63) 2 849 8843 [email protected]

Banks ConstructionRamon ADVIENTO(63) 2 849 8842 [email protected] Mining

THAILANDMayuree CHOWVIKRANHead of Research(66) 2658 6300 ext 1440 [email protected] Strategy

Maria BRENDA SANCHEZ LAPIZ Co-Head of ResearchDir (66) 2257 0250 | (66) 2658 6300 ext [email protected]

Andrew STOTZ Strategist(66) 2658 6300 ext 5091

[email protected]

Suttatip PEERASUB(66) 2658 6300 ext 1430 [email protected] Media CommerceSutthichai KUMWORACHAI(66) 2658 6300 ext 1400 [email protected] Energy PetrochemTermporn TANTIVIVAT(66) 2658 6300 ext 1520 [email protected] PropertyWoraphon WIROONSRI(66) 2658 6300 ext 1560 [email protected] Banking & FinanceJaroonpan WATTANAWONG (66) 2658 6300 ext 1404 [email protected] Transportation Small cap.Suchot THIRAWANNARAT(66) 2658 6300 ext 1550 [email protected] Automotive Construction Materials Soft commodity

VIETNAMMichael KOKALARI,CFA Head of Research+84 838 38 66 47 [email protected]

StrategyNguyen Thi Ngan Tuyen

+84 844 55 58 88 x 8081 [email protected] Food and Beverage Oil and GasNgo Bich Van+84 844 55 58 88 x 8084 [email protected] BankingNguyen Quang Duy+84 844 55 58 88 x 8082 [email protected]

RubberDang Thi Kim Thoa+84 844 55 58 88 x 8083 [email protected] ConsumerNguyen Trung Hoa+84 844 55 58 88 x 8088 [email protected]

Steel Sugar Macro



Oil & GasAPPENDIX I: TERMS FOR PROVISION OF REPORT, DISCLAIMERS AND DISCLOSURES

DISCLAIMERS

This research report is prepared for general circulation and for information purposes only and under no circumstances should it be considered or intended as anoffer to sell or a solicitation of an offer to buy the securities referred to herein. Investors should note that values of such securities, if any, may fluctuate and thateach securitys price or value may rise or fall. Opinions or recommendations contained herein are in form of technical ratings and fundamental ratings.Technical ratings may differ from fundamental ratings as technical valuations apply different methodologies and are purely based on price and volume-related

information extracted from the relevant jurisdictions stock exchange in the equity analysis.Accordingly, investors returns may be less than the original suminvested. Past performance is not necessarily a guide to future performance. This report is not intended to provide personal investment advice and does nottake into account the specific investment objectives, the financial situation and the particular needs of persons who may receive or read this report. Investorsshould therefore seek financial, legal and other advice regarding the appropriateness of investing in any securities or the investment strategies discussed orrecommended in this report.

The information contained herein has been obtained from sources believed to be reliable but such sources have not been independently verified by MaybankInvestment Bank Berhad, its subsidiary and affiliates (collectively, MKE) and consequently no representation is made as to the accuracy or completeness ofthis report by MKE and it should not be relied upon as such. Accordingly, MKE and its officers, directors, associates, connected parties and/or employees(collectively, Representatives) shall not be liable for any direct, indirect or consequential losses or damages that may arise from the use or reliance of thisreport. Any information, opinions or recommendations contained herein are subject to change at any time, without prior notice.

This report may contain forward looking statements which are often but not always iden tified by the use of words such as anticipate, believe, estimate,intend, plan, expect, forecast, predict and project and statements that an event or result may, will, can, should, could or might occur or beachieved and other similar expressions. Such forward looking statements are based on assumptions made and information currently available to us and aresubject to certain risks and uncertainties that could cause the actual results to differ materially from those expressed in any forward looking statements.Readers are cautioned not to place undue relevance on these forward-looking statements. MKE expressly disclaims any obligation to update or revise any suchforward looking statements to reflect new information, events or circumstances after the date of this publication or to reflect the occurrence of unanticipated

events.MKE and its officers, directors and employees, including persons involved in the preparation or issuance of this report, may, to the extent permitted by law, fromtime to time participate or invest in financing transactions with the issuer(s) of the securities mentioned in this report, perform services for or solicit businessfrom such issuers, and/or have a position or holding, or other material interest, or effect t ransactions, in such securities or options thereon, or other investmentsrelated thereto. In addition, it may make markets in the securities mentioned in the material presented in this report. MKE may, to the extent permitted by law,act upon or use the information presented herein, or the research or analysis on which they are based, before the material is published. One or more directors,officers and/or employees of MKE may be a director of the issuers of the securities mentioned in this report.

This report is prepared for the use of MKEs clients and may not be reproduced, altered in any way, transmitted to, copied or distributed to any other party inwhole or in part in any form or manner without the prior express written consent of MKE and MKE and its Representatives accepts no liability whatsoever for theactions of third parties in this respect.

This report is not directed to or intended for distribution to or use by any person or entity who is a citizen or resident of or located in any locality, state, country orother jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation. This report is for distribution only under suchcircumstances as may be permitted by applicable law. The securities described herein may not be eligible for sale in all jurisdictions or to certain categories ofinvestors. Without prejudice to the foregoing, the reader is to note that additional disclaimers, warnings or qualifications may apply based on geographicallocation of the person or entity receiving this report.

Malaysia

Opinions or recommendations contained herein are in the form of technical ratings and fundamental ratings. Technical ratings may differ from fundamentalratings as technical valuations apply different methodologies and are purely based on price and volume-related information extracted from Bursa MalaysiaSecurities Berhad in the equity analysis.

Singapore

This report has been produced as of the date hereof and the information herein may be subject to change. Maybank Kim Eng Research Pte. Ltd. (MaybankKERPL) in Singapore has no obligation to update such information for any recipient. For distribution in Singapore, recipients of this report are to contactMaybank KERPL in Singapore in respect of any matters arising from, or in connection with, this report. If the recipient of this report is not an accredited investor,expert investor or institutional investor (as defined under Section 4A of the Singapore Securities and Futures Act), Maybank KERPL shall be legally liable for thecontents of this report, with such liability being limited to the extent (if any) as permitted by law.

Thailand

The disclosure of the survey result of the Thai Institute of Directors Association (IOD) regarding co rporate governance is made pursuant to the policy of theOffice of the Securities and Exchange Commission. The survey of the IOD is based on the information of a company listed on the Stock Exchange of Thailandand the market for Alternative Investment disclosed to the public and able to be accessed by a general public investor. The result, therefore, is from theperspective of a third party. It is not an evaluation of operation and is not based on inside information.The survey result is as of the date appearing in the

Corporate Governance Report of Thai Listed Companies. As a result, the survey may be changed after that date. Maybank Kim Eng Securities (Thailand)Public Company Limited (MBKET) does not confirm nor certify the accuracy of such survey result.

Except as specifically permitted, no part of this presentation may be reproduced or distributed in any manner without the prior written permission of MBKET.MBKET accepts no liability whatsoever for the actions of third parties in this respect.

US

This research report prepared by MKE is distributed in the United States (US) to Major US Institutional Investors (as defined in Rule 15a-6 under theSecurities Exchange Act of 1934, as amended) only by Maybank Kim Eng Securities USA Inc (Maybank KESUSA), a broker-dealer registered in the US(registered under Section 15 of the Securities Exchange Act of 1934, as amended). All responsibility for the distribution of this report by Maybank KESUSA inthe US shall be borne by Maybank KESUSA. All resulting transactions by a US person or entity should be effected through a registered broker-dealer in theUS. This report is not directed at you if MKE is prohibited or restricted by any legislation or regulation in any jurisdiction from making it available to you. Youshould satisfy yourself before reading it that Maybank KESUSA is permitted to provide research material concerning investments to you under relevantlegislation and regulations.

UK

This document is being distributed by Maybank Kim Eng Securities (London) Ltd (Maybank KESL) which is authorized and regulated, by the FinancialServices Authority and is for Informational Purposes only. This document is not intended for distribution to anyone defined as a Retail Client under the Financial

Services and Markets Act 2000 within the UK. Any inclusion of a third party link is for the recipients convenience only, and that the firm does not take anyresponsibility for its comments or accuracy, and that access to such links is at the individuals own risk. Nothing in this report should be considered asconstituting legal, accounting or tax advice, and that for accurate guidance recipients should consult with their own independent tax advisers.



Oil & GasDISCLOSURES

Legal Entities Disclosures

Malaysia: This report is issued and distributed in Malaysia by Maybank Investment Bank Berhad (15938-H) which is a Participating Organization of BursaMalaysia Berhad and a holder of Capital Markets and Services License issued by the Securities Commission in Malaysia. Singapore: This material is issuedand distributed in Singapore by Maybank KERPL (Co. Reg No 197201256N) which is regulated by the Monetary Authority of Singapore. Indonesia: PT KimEng Securities (PTKES) (Reg. No. KEP-251/PM/1992) is a member of the Indonesia Stock Exchange and is regulated by the BAPEPAM LK. Thailand:

MBKET (Reg. No.0107545000314) is a member of the Stock Exchange of Thailand and is regulated by the Ministry of Finance and the Securities andExchange Commission.Philippines:MATRKES (Reg. No.01-2004-00019) is a member of the Philippines Stock Exchange and is regulated by the Securitiesand Exchange Commission. Vietnam: Kim Eng Vietnam Securities Company (KEVS) (License Number: 71/UBCK-GP) is licensed under theStateSecuritiesCommission of Vietnam.Hong Kong: KESHK (Central Entity No AAD284) is regulated by the Securities and Futures Commission. India: KimEng Securities India Private Limited (KESI) is a participant of the National Stock Exchange of India Limited (Reg No: INF/I NB 231452435) and the BombayStock Exchange (Reg. No. INF/INB 011452431) and is regulated by Securities and Exchange Board of India. KESI is also registered with SEBI as Category 1Merchant Banker (Reg. No. INM 000011708) US: Maybank KESUSA is a member of/ and is authorized and regulated by the FINRA Broker ID 27861. UK:

Maybank KESL (Reg No 2377538) is authorized and regulated by the Financial Services Authority.

Disclosure of Interest

Malaysia: MKE and its Representatives may from time to time have positions or be materially interested in the securities referred to herein and may further actas market maker or may have assumed an underwriting commitment or deal with such securities and may also perform or seek to perform investment bankingservices, advisory and other services for or relating to those companies.

Singapore:As of 30 August 2012, Maybank KERPL and the covering analyst do not have any interest in any companies recommended in this research report.

Thailand: MBKET may have a business relationship with or may possibly be an issuer of derivative warrants on the securities /companies mentioned in the

research report. Therefore, Investors should exercise their own judgment before making any investment decisions. MBKET, its associates, directors, connectedparties and/or employees may from time to t ime have interests and/or underwriting commitments in the securities mentioned in this report.

Hong Kong: KESHK may have financial interests in relation to an issuer or a new listing applicant referred to as defined by the requirements under Paragraph16.5(a) of the Hong Kong Code of Conduct for Persons Licensed by or Registered with the Securities and Futures Commission.

As of 30 August 2012, KESHK and the authoring analyst do not have any interest in any companies recommended in this research report.

MKE may have, within the last three years, served as manager or co-manager of a public offering of securities for, or currently may make a primary market inissues of, any or all of the entities mentioned in this report or may be providing, or have provided within the previous 12 months, significant advice or investmentservices in relation to the investment concerned or a related investment.

OTHERS

Analyst Certification of Independence

The views expressed in this research report accurately reflect the analysts personal views about any and all of the subject securities or issuers; and no part ofthe research analysts compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in the report.

Reminder

Structured securities are complex instruments, typically involve a high degree of risk and are intended for sale only to sophisticated investors who are capableof understanding and assuming the risks involved. The market value of any structured security may be affected by changes in economic, financial and politicalfactors (including, but not limited to, spot and forward interest and exchange rates), time to maturity, market conditions and volatility and the credit quality of anyissuer or reference issuer. Any investor interested in purchasing a structured product should conduct its own analysis of the product and consult with its ownprofessional advisers as to the risks involved in making such a purchase.

No part of this material may be copied, photocopied or duplicated in any form by any means or redistributed without the prior consent of MKE.

Definition of Ratings

Maybank Kim Eng Research uses the following rating system:

BUY Total return is expected to be above 15% in the next 12 months

HOLD Total return is expected to be between -15% to +15% in the next 12 months

SELL Total return is expected to be below -15% in the next 12 months

Applicability of Ratings

The respective analyst maintains a coverage universe of stocks, the list of which may be adjusted according to needs. Investment ratings are only

applicable to the stocks which form part of the coverage universe. Reports on companies which are not part of the coverage do not carry investment ratings

as we do not actively follow developments in these companies.

Some common terms abbreviated in this report (where they appear):

Adex = Advertising Expenditure FCF = Free Cashflow PE = Price Earnings

BV = Book Value FV = Fair Value PEG = PE Ratio To Growth

CAGR = Compounded Annual Growth Rate FY = Financial Year PER = PE Ratio

Capex = Capital Expenditure FYE = Financial Year End QoQ = Quarter-On-Quarter

CY = Calendar Year MoM = Month-On-Month ROA = Return On AssetDCF = Discounted Cashflow NAV = Net Asset Value ROE = Return On EquityDPS = Dividend Per Share NTA = Net Tangible Asset ROSF = Return On Shareholders Funds

EBIT = Earnings Before Interest And Tax P = Price WACC = Weighted Average Cost Of Capital

EBITDA = EBIT, Depreciation And Amortisation P.A. = Per Annum YoY = Year-On-Year

EPS = Earnings Per Share PAT = Profit After Tax YTD = Year-To-Date

EV = Enterprise Value PBT = Profit Before Tax


8/830 A t 2012 P 8 f 8

Oil & Gas

MalaysiaMaybank Investment Bank Berhad(A Participating Organisation ofBursa Malaysia Securities Berhad)33rd Floor, Menara Maybank,100 Jalan Tun Perak,

50050 Kuala LumpurTel: (603) 2059 1888;Fax: (603) 2078 4194

SingaporeMaybank Kim Eng Securities Pte LtdMaybank Kim Eng Research Pte Ltd9 Temasek Boulevard#39-00 Suntec Tower 2Singapore 038989

Tel: (65) 6336 9090Fax: (65) 6339 6003

LondonMaybank Kim Eng Securities(London) Ltd6/F, 20 St. Dunstans HillLondon EC3R 8HY, UK

Tel: (44) 20 7621 9298Dealers Tel: (44) 20 7626 2828Fax: (44) 20 7283 6674

New YorkMaybank Kim Eng SecuritiesUSA Inc777 Third Avenue, 21st FloorNew York, NY 10017, U.S.A.

Tel: (212) 688 8886Fax: (212) 688 3500

Stockbroking Business:Level 8, Tower C, Dataran Maybank,No.1, Jalan Maarof59000 Kuala LumpurTel: (603) 2297 8888Fax: (603) 2282 5136

Hong KongKim Eng Securities (HK) LtdLevel 30,Three Pacific Place,1 Queens Road East,Hong Kong

Tel: (852) 2268 0800Fax: (852) 2877 0104

IndonesiaPT Kim Eng SecuritiesPlaza BapindoCitibank Tower 17th FloorJl Jend. Sudirman Kav. 54-55Jakarta 12190, Indonesia

Tel: (62) 21 2557 1188Fax: (62) 21 2557 1189

IndiaKim Eng Securities India Pvt Ltd2nd Floor, The International 16,Maharishi Karve Road,Churchgate Station,Mumbai City - 400 020, India

Tel: (91).22.6623.2600Fax: (91).22.6623.2604

PhilippinesMaybank ATR Kim Eng Securities

Inc.17/F, Tower One & Exchange PlazaAyala Triangle, Ayala AvenueMakati City, Philippines 1200

Tel: (63) 2 849 8888Fax: (63) 2 848 5738

ThailandMaybank Kim Eng Securities

(Thailand) Public CompanyLimited999/9 The Offices at Central World,20th - 21st Floor,Rama 1 Road Pathumwan,Bangkok 10330, Thailand

Tel: (66) 2 658 6817 (sales)Tel: (66) 2 658 6801 (research)

VietnamIn association with

Kim Eng Vietnam SecuritiesCompany1st Floor, 255 Tran Hung Dao St.District 1Ho Chi Minh City, Vietnam

Tel : (84) 838 38 66 36Fax : (84) 838 38 66 39

Saudi ArabiaIn association with

Anfaal CapitalVilla 47, Tujjar JeddahPrince Mohammed bin AbdulazizStreet P.O. Box 126575Jeddah 21352

Tel: (966) 2 6068686Fax: (966) 26068787

South Asia Sales TradingConnie [email protected]: (65) 6333 5775US Toll Free: 1 866 406 7447

North Asia Sales TradingEddie [email protected]: (852) 2268 0800US Toll Free: 1 866 598 2267

www.maybank-ke.com | www.kimengresearch.com.sg

maybank research aug 30 2012

Documents