reports
- Chokwai Lee
Morningstar | Slow Recovery of Keppel Corp’s Offshore and Marine Seg...
Keppel’s first-half 2019 net profit of SGD 356 million, down 39% year over year, is below our expectation. While the fall in earnings is mainly due to lower gains from en-bloc sales of property projects, the recovery in the offshore and marine, or O&M, segment also trails our projection. That said, we think these are short-term hiccups and activity level is improving. We maintain our fair value estimate of SGD 8.30. We think Keppel remains undervalued at the current share price and this presen...
- Chokwai Lee
Morningstar | Slow Recovery of Keppel Corp’s Offshore and Marine Seg...
Keppel’s first-half 2019 net profit of SGD 356 million, down 39% year over year, is below our expectation. While the fall in earnings is mainly due to lower gains from en-bloc sales of property projects, the recovery in the offshore and marine, or O&M, segment also trails our projection. That said, we think these are short-term hiccups and activity level is improving. We maintain our fair value estimate of SGD 8.30. We think Keppel remains undervalued at the current share price and this presen...
- Chokwai Lee
Slow Recovery of Keppel Corp’s Offshore and Marine Segment; Shares R...
Keppel’s first-half 2019 net profit of SGD 356 million, down 39% year over year, is below our expectation. While the fall in earnings is mainly due to lower gains from en-bloc sales of property projects, the recovery in the offshore and marine, or O&M, segment also trails our projection. That said, we think these are short-term hiccups and activity level is improving. We maintain our fair value estimate of SGD 8.30. We think Keppel remains undervalued at the current share price and this pres.....
- Chokwai Lee
Morningstar | Dropping Coverage of Cosco Shipping Energy Transportatio...
We are dropping analyst coverage of Cosco Shipping Energy Transportation. We provide broad coverage of more than 1,500 companies across more than 90 industry groups and adjust our coverage as necessary based on client demand and investor interest.
- Chokwai Lee
Dropping Coverage of Cosco Shipping Energy Transportation
We are dropping analyst coverage of Cosco Shipping Energy Transportation. We provide broad coverage of more than 1,500 companies across more than 90 industry groups and adjust our coverage as necessary based on client demand and investor interest....
- Chokwai Lee
- Chokwai Lee
- Chokwai Lee
Morningstar | China Gas Holdings’ FY2019 Results Within Expectation;...
Narrow-moat China Gas Holdings, or CGH, reported fiscal 2019 (ending March) net profit of HKD 8.22 billion, up 35% year over year. Stripping out one-off items of HKD 73 million, the earnings were in line with our expectation. After fine-tuning and rolling forward our valuation model, our fair value estimate is increased to HKD 33.50 from HKD 30.00. While we think the company’s strong growth outlook is mostly priced into the current share price, we would be a buyer of the stock on any price pul...
- Chokwai Lee
Morningstar | China Gas Holdings’ FY2019 Results Within Expectation;...
Narrow-moat China Gas Holdings, or CGH, reported fiscal 2019 (ending March) net profit of HKD 8.22 billion, up 35% year over year. Stripping out one-off items of HKD 73 million, the earnings were in line with our expectation. After fine-tuning and rolling forward our valuation model, our fair value estimate is increased to HKD 33.50 from HKD 30.00. While we think the company’s strong growth outlook is mostly priced into the current share price, we would be a buyer of the stock on any price pul...
- Chokwai Lee
Morningstar | Lowering CNOOC’s and PetroChina’s FVEs on Weaker Oil...
PetroChina is the listed arm of one of China's two integrated oil majors and the largest oil producer. With revenue and assets more heavily weighted toward the upstream activities, PetroChina is more sensitive to swings in the oil price than its peer, Sinopec. In addition, the firm’s downstream operations lag Sinopec, which has better scale and efficiency in the sector. However, PetroChina will benefit more in a rising oil price environment.While we believe government restrictions on domestic ...
- Chokwai Lee
Morningstar | Lowering CNOOC’s and PetroChina’s FVEs on Weaker Oil...
PetroChina is the listed arm of one of China's two integrated oil majors and the largest oil producer. With revenue and assets more heavily weighted toward the upstream activities, PetroChina is more sensitive to swings in the oil price than its peer, Sinopec. In addition, the firm’s downstream operations lag Sinopec, which has better scale and efficiency in the sector. However, PetroChina will benefit more in a rising oil price environment.While we believe government restrictions on domestic ...
- Chokwai Lee
Morningstar | Lowering CNOOC’s and PetroChina’s FVEs on Weaker Oil...
PetroChina is the listed arm of one of China's two integrated oil majors and the largest oil producer. With revenue and assets more heavily weighted toward the upstream activities, PetroChina is more sensitive to swings in the oil price than its peer, Sinopec. In addition, the firm’s downstream operations lag Sinopec, which has better scale and efficiency in the sector. However, PetroChina will benefit more in a rising oil price environment.While we believe government restrictions on domestic ...
- Chokwai Lee
Lowering CNOOC’s and PetroChina’s FVEs on Weaker Oil Prices; Bigge...
Brent crude oil has fallen from over $70 a barrel in late April to about $61 today on the back of concerns on global demand amid the trade tension between the U.S. and China. We lower CNOOC's and PetroChina’s fair value estimates to HKD 14.30 per share ($183 per ADR) and HKD 4.70 per share ($60 per ADR, CNY 4.04 per share) from HKD 14.50 ($186) and HKD 5.10 ($65, CNY 4.38), respectively, after incorporating weaker near-term crude oil price assumptions in our valuation models. However, our midc...
- Chokwai Lee
Lowering CNOOC’s and PetroChina’s FVEs on Weaker Oil Prices; Bigge...
Brent crude oil has fallen from over $70 a barrel in late April to about $61 today on the back of concerns on global demand amid the trade tension between the U.S. and China. We lower CNOOC's and PetroChina’s fair value estimates to HKD 14.30 per share ($183 per ADR) and HKD 4.70 per share ($60 per ADR, CNY 4.04 per share) from HKD 14.50 ($186) and HKD 5.10 ($65, CNY 4.38), respectively, after incorporating weaker near-term crude oil price assumptions in our valuation models. However, our midc...
- Chokwai Lee
Lowering CNOOC’s and PetroChina’s FVEs on Weaker Oil Prices; Bigge...
Brent crude oil has fallen from over $70 a barrel in late April to about $61 today on the back of concerns on global demand amid the trade tension between the U.S. and China. We lower CNOOC's and PetroChina’s fair value estimates to HKD 14.30 per share ($183 per ADR) and HKD 4.70 per share ($60 per ADR, CNY 4.04 per share) from HKD 14.50 ($186) and HKD 5.10 ($65, CNY 4.38), respectively, after incorporating weaker near-term crude oil price assumptions in our valuation models. However, our midc...
- Chokwai Lee
Morningstar | Lowering CNOOC’s and PetroChina’s FVEs on Weaker Oil...
Brent crude oil has fallen from over $70 a barrel in late April to about $61 today on the back of concerns on global demand amid the trade tension between the U.S. and China. We lower CNOOC's and PetroChina’s fair value estimates to HKD 14.30 per share ($183 per ADR) and HKD 4.70 per share ($60 per ADR, CNY 4.04 per share) from HKD 14.50 ($186) and HKD 5.10 ($65, CNY 4.38), respectively, after incorporating weaker near-term crude oil price assumptions in our valuation models. However, our midc...
- Chokwai Lee
Morningstar | Lowering CNOOC’s and PetroChina’s FVEs on Weaker Oil...
Brent crude oil has fallen from over $70 a barrel in late April to about $61 today on the back of concerns on global demand amid the trade tension between the U.S. and China. We lower CNOOC's and PetroChina’s fair value estimates to HKD 14.30 per share ($183 per ADR) and HKD 4.70 per share ($60 per ADR, CNY 4.04 per share) from HKD 14.50 ($186) and HKD 5.10 ($65, CNY 4.38), respectively, after incorporating weaker near-term crude oil price assumptions in our valuation models. However, our midc...
- Chokwai Lee
Morningstar | Lowering CNOOC’s and PetroChina’s FVEs on Weaker Oil...
Brent crude oil has fallen from over $70 a barrel in late April to about $61 today on the back of concerns on global demand amid the trade tension between the U.S. and China. We lower CNOOC's and PetroChina’s fair value estimates to HKD 14.30 per share ($183 per ADR) and HKD 4.70 per share ($60 per ADR, CNY 4.04 per share) from HKD 14.50 ($186) and HKD 5.10 ($65, CNY 4.38), respectively, after incorporating weaker near-term crude oil price assumptions in our valuation models. However, our midc...
- Chokwai Lee
Morningstar | Lowering CNOOC’s and PetroChina’s FVEs on Weaker Oil...
Brent crude oil has fallen from over $70 a barrel in late April to about $61 today on the back of concerns on global demand amid the trade tension between the U.S. and China. We lower CNOOC's and PetroChina’s fair value estimates to HKD 14.30 per share ($183 per ADR) and HKD 4.70 per share ($60 per ADR, CNY 4.04 per share) from HKD 14.50 ($186) and HKD 5.10 ($65, CNY 4.38), respectively, after incorporating weaker near-term crude oil price assumptions in our valuation models. However, our midc...
- Chokwai Lee
Morningstar | Lowering CNOOC’s and PetroChina’s FVEs on Weaker Oil...
Brent crude oil has fallen from over $70 a barrel in late April to about $61 today on the back of concerns on global demand amid the trade tension between the U.S. and China. We lower CNOOC's and PetroChina’s fair value estimates to HKD 14.30 per share ($183 per ADR) and HKD 4.70 per share ($60 per ADR, CNY 4.04 per share) from HKD 14.50 ($186) and HKD 5.10 ($65, CNY 4.38), respectively, after incorporating weaker near-term crude oil price assumptions in our valuation models. However, our midc...
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