德银-中国-公用事业行业（个股-kunlun和behl）-冬季天然气短缺的影响：kunlun和behl是净受益者

《德银-中国-公用事业行业（个股-kunlun和behl）-冬季天然气短缺的影响：kunlun和behl是净受益者》由会员上传分享，免费在线阅读，更多相关内容在行业资料-天天文库。

1、ChinaGasUtilitiesDeutscheBankMarketsResearchAsiaIndustryDateChina15December2017ChinaGasUtilitiesUtilitiesUtilitiesIndustryUpdateWintergasshortageimpact:Kunlun/BEHLisanetbeneficiaryHanyuZhangAccordingtorecentnewsflow,thewintergasshortagehasspreadfromNorthResearchAnalystChinat

2、othewholenationwithmanyplacesreportingasupply-demandgapof+852-2203620710-20%.Asaresult,PetroChinaincreasedpipedgascity-gatepricesfor15-20%inthiswinter(inlinewithourexpectationinlastsectorreport)anddomesticMichaelTong,CFALNGpricehavemorethandoubledfromthatinthesummer(muchhi

3、gherthanResearchAnalystour/marketexpectations).WebelieveKunlun/BEHLisanetbeneficiaryofwinter+852-22036167gasshortageduetotheirexposureintransmissionpipeline/LNGterminal/storagefacilities.GasdistributorsmayseeslightmarginpressuresinthiswinterbutweCompaniesfeaturedthinktheris

4、ksaremanageable.ENNEnergy(2688.HK),HKD53.90Buy2016A2017E2018EPositivetoShaanJingpipelinesandstoragefacilities,Kunlun/BEHLbenefitsP/E(x)11.7113.8311.38ShaanJingpipelines(60/40%ownedbyKunlun/BEHL)mainlytransportsgastoEV/EBITDA(x)7.89.07.5NorthChinawheredemandgrowthshowsstrong

5、estmomentum.In11M17,itPrice/book(x)2.02.82.4recordeda13%yoytransmissionvolumegrowthandweexpectittoremainBeijingEnterprisesBuyrobust,asthepipelineIVwithacapacityof15bcm/year(vs.existing35bcm/year)(0392.HK),HKD43.60hasbecomeoperationalinearlyDec2017.Asthecoal-to-gascoversion

6、intensifies2016A2017E2018Ethedemandseasonality,weexpectmoreprocessingvolumeandgovernmentP/E(x)8.158.127.25supportsforstoragefacilities,whichispositivetoKunlun/BEHLastheyalsoEV/EBITDA(x)3.15.06.2operatesomestoragefacilitiesassociatedwithShaanJingpipelinesystem.Price/book(x)0

7、.80.90.8KunlunEnergy(0135.HK),HKD7.13BuyPositivetoLNGterminalandLNGprocessingplants,Kunlunbenefits2016A2017E2018EIn10M17,China'sLNGimportvolumesurgedby48%yoyandPetroChina'sthreeP/E(x)11.0910.819.65terminal(allunderkunlunnowafterassetinjection,seereport)recordedamuchEV/EBITD

8、A(x)6.45.14.6strongervolumegrowthof143%yoybasedonCustomsdata.AllofthethreePrice/book(x)1.