Kunlun Energy 135

Kunlun Energy 135

Postby winston » Fri Oct 15, 2010 10:24 am

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DJ MARKET TALK:Nomura Starts Kunlun Energy At Buy;HK$13.50 Target

0827 [Dow Jones] STOCK CALL: Nomura starts Kunlun Energy (0135.HK) at Buy, target price pegged at HK$13.50.

Says company "running on two legs" with hybrid (E&P, natural gas) business model; supported by parent PetroChina's (0857.HK) rich gas resources, Kunlun well positioned to capture China's robust natural gas demand growth; forecasts strong earnings CAGR of 50% over FY09-12, driven by strong natural gas volumes, supported by E&P.

Adds, stock trading at 16.6X FY11 P/E, 2.8X FY11 P/B, at discount to natural gas peers at 18.5X, 3.2X, "we find its valuation compelling."

Kunlun ended Thursday +0.9% at HK$10.84.

Source: Dow Jones Newswire
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Re: Kunlun Energy 135

Postby winston » Tue Dec 07, 2010 3:27 pm

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DJ MARKET TALK: Haitong Upgrades Kunlun Energy To Buy Vs Hold

1459 [Dow Jones] STOCK CALL: Haitong upgrades Kunlun Energy (0135.HK) to Buy from Hold, to factor in potential asset injections from PetroChina (0857.HK).

"PetroChina is expected to inject more assets into Kunlun at EPS accretive terms, which will comprise mainly midstream operations that generate a net profit margin of about 12%."

Says, among these, Tangshan LNG terminal has gained approval from NDRC in November, expected to be injected into Kunlun afterward.

Target at HK$14.50 (18.4X FY11 P/E). Stock down 1.5% at HK$12.04.


Source: Dow Jones Newswire
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Re: Kunlun Energy 135

Postby winston » Tue Dec 07, 2010 3:29 pm

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DJ MARKET TALK:BofA-ML Ups Kunlun Energy Target 19.8% To HK$13.30
Nov 30, 2010

1049 [Dow Jones] STOCK CALL: Bank of America-Merrill Lynch raises Kunlun Energy (0135.HK) target to HK$13.30 vs HK$11.10 after rolling over valuation to 2011; keeps Buy call, says company a potential gas giant.

Says, company keen to bid for gas assets from PetroChina to facilitate aim in growing downstream gas market. Notes, if Kunlun successful in acquiring PetroChina's Beijing Natural Gas Pipeline Co., even with slight premium over the offering price of CNY18.1 billion, Kunlun Energy's value per share would be enhanced by HK$4.10 to HK$6.70, depending on the capital structure, final transaction price.

Adds, possible for PetroChina to inject other pipeline assets into company, such as Zhongxian-Wuhan pipeline, Sebei-Xining-Lanzhou gas pipeline, Sichuan gas pipeline network.


Source: Dow Jones Newswire
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Re: Kunlun Energy 135

Postby winston » Fri Jan 28, 2011 8:52 am

Not vested. From Dr. Check, The Standard HK:-

I wrote yesterday that investors should consider the stock of companies that are injecting assets.

A similar pick is Kunlun Energy (0135), an oil producer - just like its parent, PetroChina (0857).

Kunlun has diversified into natural gas, convincing many fund managers that it will become PetroChina's major gas arm.

In the past two years, Kunlun expanded its liquefied natural gas business by acquiring stakes, injecting capital and forming new companies. It operates LNG projects in Beijing, Qinghai, Shandong, Jiangsu, Sichuan, Tianjin and Hebei.

Kunlun's growth potential is high. The stock rose to HK$12.84 in December from HK$2 in early 2009.

Citigroup targets HK$15.20 for Kunlun, or 17 times 2012 earnings. Around HK$11.30, the stock can be considered a bargain.
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Re: Kunlun Energy 135

Postby winston » Mon Feb 07, 2011 11:35 am

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DJ MARKET TALK: MS Starts Kunlun Energy At Overweight

1108 [Dow Jones] STOCK CALL: Morgan Stanley starts Kunlun Energy (0135.HK) at Overweight.

"With its focus on midstream natural gas assets such as high-pressure pipelines, Kunlun Energy offers a better revenue model and higher visibility of growth than its listed Chinese city gas peers."

It notes Kunlun trades at 16X 2011 P/E, compared with its closest comparable Beijing Enterprise (0392.HK) at 16.5X, and 14X to 20X for Chinese city gas names.

The house sets its price target at HK$14.70; the stock is up 0.2% at HK$11.82.


Source: Dow Jones Newswire
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Re: Kunlun Energy 135

Postby winston » Fri Apr 15, 2011 12:13 pm

Not vested. From Phillips:-


VALUATION

We believe the Group will continue acquiring assets from both PetroChina and the open market as a growing strategy. We are also positive about China's natural gas market due to its strong demand and relatively moderate competition. The growth of gas transmission volumes remains robust. Kunlun will also enjoy the price hike of crude oil.

We give Kunlun Energy a `BUY` rating with a 12-month target price of HK$15.35. The TP is based on a p/e of 18.5x for the natural gas segment and a p/e of 9.6x for the E&P segment.

We did not include any potential asset injections into our valuation, so we don`t rule out the possibility of target price adjustment upon future M&A activities. Short-term catalyst includes unexpected asset injection.
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Re: Kunlun Energy 135

Postby winston » Mon May 30, 2011 11:50 am

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DJ MARKET TALK: GuocoCap Keeps Kunlun At Buy;Benefit From LNG Demand

1132 [Dow Jones] STOCK CALL: GuocoCapital says China will announce a national standard for LNG refilling stations in early June and this should further boost LNG usage in the country.

"We believe Kunlun Energy (0135.HK) could potentially re-rate if it delivers solid execution in its LNG business," it says, noting that the company is a key beneficiary of high crude oil prices, as it's principally engaged in the exploration and development of oil and gas fields in mainland China, Kazakhstan, Oman, Peru, Thailand, Azerbaijan and Indonesia, as well as distribution of natural gas in mainland China.

It keeps the stock at Buy with an unchanged price target of HK$15.30 (16X FY12 P/E). The stock is flat at HK$13.66.


Source: Dow Jones Newswire
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Re: Kunlun Energy 135

Postby winston » Sat Jun 18, 2011 11:46 am

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DJ MARKET TALK: Stock Pick Selectively In China Gas Sector -GS
May 25, 2011

1028 [Dow Jones] Goldman Sachs says it believes natural gas consumption in China is still at the early stages of its growth cycle, and tips a bullish industry outlook, underpinned by factors such as low user penetration, government support, stable gas supply growth, and replacement demand for other fuel types.

Still, the house prefers to be selective, focusing on companies that can generate sustainable long-term leadership returns. The house resumes coverage on Kunlun (0135.HK) and China Resources Gas (1193.HK) with a Buy rating and on ENN (2688.HK) with a Sell call.

It notes that Kunlun is set to benefit from growing LNG demand and will continue to receive strong support from CNPC to implement a strategy of substituting gas for oil; CR Gas offers a visible growth profile both organically and via asset injections.

But it says it's concerned about ENN's relative lack of competitiveness in participating in market consolidation. Kunlun rises 4.6% to HK$13.26, CR Gas gains 1.1% to HK$10.60 and ENN adds 1.5% to HK$27.35.


Source: Dow Jones Newswire
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Re: Kunlun Energy 135

Postby winston » Sat Jun 18, 2011 11:48 am

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DJ MARKET TALK: DB Starts Kunlun Energy At Buy; Target HK$15.80
May 19, 2011

1122 [Dow Jones] STOCK CALL: Deutsche Bank starts Kunlun Energy (0135.HK) at Buy and sets its target at HK$15.80.

"The company would be the key beneficiary of rising natural gas consumption in China, in our view, as it has already reached critical mass in the midstream and downstream gas business after a series of acquisitions since end-2008."

The house expects Kunlun Energy's natural gas business to post an earnings CAGR of 30% between 2011-2015, driven by significant operating leverage from the midstream gas business and further expansion at the downstream end.

With the shares trading at a 2012 P/E of 14X, the house believes long-term value accretion from potential asset injections has not been fully reflected in the current price. The stock is up 2.3% at HK$13.12.


Source: Dow Jones Newswire
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Re: Kunlun Energy 135

Postby winston » Sat Jun 18, 2011 11:49 am

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DJ CNPC: Kunlun Energy To Invest $38.3 Mln In LNG Buses, Stations
Apr 15, 2011

SHANGHAI (Dow Jones)--Kunlun Energy Co. (0135.HK), a unit of PetroChina Co. (PTR), will invest CNY250 million ($38.3 million) to purchase buses fuelled by clean-burning liquefied natural gas and to build gas filling stations in southern Haikou city, parent China National Petroleum Corp. said Friday.

Kunlun Energy will establish a joint venture with the Haikou city government for the investment, with plans to build 55 filling stations, CNPC said on its website.

Kunlun will ensure the stations are supplied with gas it added.


Source: Dow Jones Newswires
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