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2009-5-15 10:41:00 a.m. HKT, XFNA
DJ MARKET TALK: Valuations Of Asia Oil & Gas Plays Stretched -CS
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| 1014 [Dow Jones] Credit Suisse keeps Asian oil & gas sector at Underweight despite recent oil price rise. Says while OPEC production cuts create oil-price floor, sharp rally appears at odds with underlying fundamentals as U.S. demand falling after briefly turning flat in February; adds, China's economy improving, but believes oil-demand improvement will lag; expects OPEC compliance with production cuts to reduce ahead. Notes oil stocks rallied with markets, but views valuations as stretched. Estimates CNOOC (0883.HK), PetroChina (0857.HK) imply over US$80/bbl oil price; says with government not hiking prices, PetroChina's realizations capped. Says house seller of COSL (2883.HK) on view day-rate recovery to lag oil-price recovery. Cnooc +1.8% at HK$9.96; PetroChina +1.9% at HK$8.16; COSL +2.1% at HK$7.66. (LES) Contact us in Hong Kong. 852 2802 7002; MarketTalk@dowjones.com
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(Delayed by 1 hour)
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