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aws【账】号(www.2km.me)_Cyclical earnings recovery in the pipeline

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For Petronas Chemicals Group Bhd, it has raised valuation on the stock from nine times to 11 times 2022 enterprise value over earnings before interest, taxes, depreciation, and amortisation (EV/Ebitda).

PETALING JAYA: Businesses have reopened and some analysts are turning positive on the oil and gas (O&G) sector on expectations that demand for oil, which plummeted during the outbreak of Copvid-19, will rebound.

TA Research, for one, has upgraded its 2021-2022 oil price assumption to US$70 to US$75 (RM292 to RM313) per barrel from its previous expectation of US$65 to US$70 (RM271 to RM292) per barrel.

Apart from a recovery seen in oil demand as people start travelling more and industries ramp up production, several other factors underpin its bullish outlook. They are subdued production from US shale players, sustained lean inventories, and the Organisation of the Petroleum Exporting Countries-plus holding back output increases.

Oil price is currently trading at around US$80 (RM334) a barrel.

The research firm said it is “overweight” on the sector, primarily due to the near-to-medium term cyclical earnings recovery seen for companies in the sector.

“On the back of high oil prices, Petroliam Nasional Bhd will likely ramp up its capital expenditure for brownfields in areas such as expansion projects; well drilling; production enhancement, and platform and facilities maintenance,” it said in an oil and gas sector report.

This would ensure continuity of strong cash flows and profits as the national oil company diversifying its business to carbon offsets and renewable energy projects.

“As a result, demand will spike for offshore fleet and services, which in turn would then catalyse a rebound in daily charter rates, fleet utilisation and new contract awards,” it said. It also sees higher daily charter rates for oil tankers and liquefied natural gas carriers.

On account of better-than-expected oil price traction, TA said some stocks have started to be re-rated.

For Petronas Chemicals Group Bhd, it has raised valuation on the stock from nine times to 11 times 2022 enterprise value over earnings before interest, taxes, depreciation, and amortisation (EV/Ebitda).

Meanwhile, for MISC Bhd, it upgraded its valuation to 20 times 2022 price-to-earnings ratio from 18 times previously, which “is justified following the company’s successful venture into the mega-floating production storage and offloading business via Mero-3.”

For Velesto Energy Bhd, it said the stock’s valuation should inch closer to global peers. Towards this end, it tweaked valuation higher to 9.5 times 2022 EV/ebitda, from 8.5 times previously.

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