RHBInvest Research
Thursday, June 9, 2011
Top Story: Oils & Gas - Overweight
Sector Update
Highlights From 16th Asia Oil And Gas Conference (AOGC)
Petronas Chemicals Outperform (FV: RM8.92)
Dialog Outperform (FV: RM3.50)
P Gas Outperform (FV: RM13.95)
Energy demand fundamentals have recovered and global crude oil prices are set to remain in positive territory above US$75/bbl which will support our view that capex for conventional developments (both shallow and deepwater) will continue and drive contract awards. Only beyond US$125/bbl will there be potential demand destruction.
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