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24 November 2010
Crude Reality
Gas purchase agreement signed by Chevron Pacific
Indonesia
Gas purchase agreement is signed between Pertamina Talisman Asia Oil & Gas
Jambi Merang and Chevron Pacific Indonesia - Stevanus JuandaAC, AC
Brynjar Eirik Bustnes
Indonesia (852) 2800-8578
BP Migas announced that it had facilitated the gas purchase agreement brynjar.e.bustnes@jpmorgan.com
between Pertamina Talisman Jambi Merang and Chevron Pacific J.P. Morgan Securities (Asia Pacific) Limited
Indonesia. The contract is valued at US$577MM with a volume Sukit Chawalitakul
96,919MMbtu. Currently the gas plant at Jambi Merang is being (66-2) 684-2679
constructed and the initial gas supply from Jambi Merang will be used for chawalitakul.sukit@jpmorgan.com
the enhanced oil recovery for Chevron Pacific Indonesia in Duri and JPMorgan Securities (Thailand) Limited
Minas, which is declining. The Chevron Pacific operation is important to Samuel Lee, CFA
Indonesia’s oil production as it contributed 45% of Indonesia’s national oil (852) 2800-8536
output. Indonesia’s target FY10 oil output was recently revised downward samuel.sw.lee@jpmorgan.com
from 965,000bopd to 960,000bopd due to gas pipeline leakage, and the J.P. Morgan Securities (Asia Pacific) Limited
target for FY11 is 970,000bopd. Pradeep Mirchandani, CFA
(91-22) 6157-3591
Click on the links below for the latest news, research, energy events and
pradeep.a.mirchandani@jpmorgan.com
share price movements from Asian Oil & Gas Team.
J.P. Morgan India Private Limited
Oil Markets Weekly – Global perspective
Stevanus Juanda
Highlights during the week (62-21) 5291 8574
Latest research stevanus.x.juanda@jpmorgan.com
Mar-10
Jul-10
Sep-10
May-10
Nov-10
Valuation
Pricing summary Source: Bloomberg.
Brent Complex GRM PE-Naphtha
$/bbl $/bbl $/mt
2006 66 5.2 620
2007 73 7.3 594
2008 99 7.4 608
2009 62 2.6 575
2010 YTD 78 4.1 465
Source: Bloomberg, CMAI, J.P. Morgan estimates
See page 21 for analyst certification and important disclosures, including non-US analyst disclosures.
J.P. Morgan does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may
have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their
investment decision.
Brynjar Eirik Bustnes Asia Pacific Equity Research
(852) 2800-8578 24 November 2010
brynjar.e.bustnes@jpmorgan.com
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Brynjar Eirik Bustnes Asia Pacific Equity Research
(852) 2800-8578 24 November 2010
brynjar.e.bustnes@jpmorgan.com
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Brynjar Eirik Bustnes Asia Pacific Equity Research
(852) 2800-8578 24 November 2010
brynjar.e.bustnes@jpmorgan.com
indicators including returns on capital, net cash flow and internal rate of return for
overseas projects, and was no longer only targeting fast expansion. The company
currently operates 81 oil and gas projects in 29 countries, up from 58 projects in 22
countries at the end of 2005.
4
Brynjar Eirik Bustnes Asia Pacific Equity Research
(852) 2800-8578 24 November 2010
brynjar.e.bustnes@jpmorgan.com
Latest research
The following extracts are from recently published research. Please see the relevant
research report and important disclosures, including a discussion of valuation
methodology and risks to price targets, for any security recommended herein before
forming any investment opinion whatsoever. J.P. Morgan research is available at
http://www.morganmarkets.com, or you can contact the analyst named above.
5
Brynjar Eirik Bustnes Asia Pacific Equity Research
(852) 2800-8578 24 November 2010
brynjar.e.bustnes@jpmorgan.com
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Brynjar Eirik Bustnes Asia Pacific Equity Research
(852) 2800-8578 24 November 2010
brynjar.e.bustnes@jpmorgan.com
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Brynjar Eirik Bustnes Asia Pacific Equity Research
(852) 2800-8578 24 November 2010
brynjar.e.bustnes@jpmorgan.com
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Brynjar Eirik Bustnes Asia Pacific Equity Research
(852) 2800-8578 24 November 2010
brynjar.e.bustnes@jpmorgan.com
Indorama Ventures
3QFY10 Results--Spectacular, but exceptional
• IVL reported net profit of Bt2.9B for 3QFY10, up 412% Y/Y and up 40% Q/Q.
This performance, however, is buoyed by two exceptional items--Bt480MM in
FX translation gain and Bt747MM in negative good-will write-up. At recurring
level, core profit was Bt1.7B, up 202% Y/Y and up 27% Q/Q. The results are in
line with our expectations.
• Volume: PET volume surged 39% Y/Y and 7% Q/Q to 344,926 tons. This is
underpinned by gradual commissioning of IVL's new plant. For 3QFY10, both
lines of Alphapet (USA) are now up and running.
• Spreads: As expected, IVL’s PTA business was the star performer during the
period, driven by surging prices and spread. Management indicates that PTA's
EBITDA margins improved from 12.1% in 2Q10 to 18.0% in 3Q10. At the
consolidated level, we estimate that IVL’s EBITDA margin rose from 11.2% to
13.0% during the same period.
• Associates: Associate UAB Ottana in Italy, acquired in July 2010, is still slightly
loss-making (before negative good-will write-up). We, however, do not see this
as overly worrisome given that it will require management sometimes to go in
and improve the plant’s operations.
• Outlook and PT: We see continued strength into 4Q10, underpinned by
sustained strength in the PTA market, as well as steady volume increases as new
capacities come through. Our Dec-11 PT is based on target P/B of 2.46x, which is
equivalent to the estimated ROE/COE multiple with a 35% implied growth
premium. We project IVL's FY10E-FY15E ROE to average 20.4%. Key upside
risks: (1) very strong PTA/PET spreads and (2) potentially significant
acquisitions to could raise LT ROE.
• Rating: We like IVL for its aggressive but focused growth strategy. IVL's focus
on the polyester chain, which we are bullish on, adds to its appeal. Our U/W
rating is based purely on IVL’s demanding valuation which, we believe, limits its
upside (barring further major acquisitions).
9
Brynjar Eirik Bustnes Asia Pacific Equity Research
(852) 2800-8578 24 November 2010
brynjar.e.bustnes@jpmorgan.com
10
Brynjar Eirik Bustnes Asia Pacific Equity Research
(852) 2800-8578 24 November 2010
brynjar.e.bustnes@jpmorgan.com
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Brynjar Eirik Bustnes Asia Pacific Equity Research
(852) 2800-8578 24 November 2010
brynjar.e.bustnes@jpmorgan.com
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Brynjar Eirik Bustnes Asia Pacific Equity Research
(852) 2800-8578 24 November 2010
brynjar.e.bustnes@jpmorgan.com
Indraprastha Gas
2QFY11 results in line
• 2Q results in line: IGL reported 2Q profits of Rs663mn (up 16% sequentially),
in-line with our estimates, which were ~4% below consensus, as the full impact
of price hikes passed through this quarter, along with higher volumes.
• Price hikes passed through: IGL was able to hike prices this quarter in response
to the APM gas price hikes this quarter, amply demonstrating IGL’s continuing
ability to pass on raw material cost increases. CNG realizations rose to over
Rs27/kg.
• Volumes improve: Volumes registered a healthy increase, with CNG sales rising
to ~2.2mmscmd (up 10% q/q), with additions to bus fleets due to the
Commonwealth Games. PNG volumes grew 88% y/y with healthy growth in the
industrial and domestic segments.
• Stock impact: While the stock corrected ~4% in trade, we believe the stock price
adequately captures IGL's growth profile. With the boost to CNG sales from the
Commonwealth Games likely to moderate over the coming months, we expect
volume growth to moderate over the medium term. While the NCR region
remains supportive for growth in terms of vehicles and industrial/domestic
consumers, we believe geographical growth beyond the NCR region will be
constrained for IGL.
• Price target, valuations and key risks: We maintain our Underweight stance,
and our Sep-11 price target of Rs305, based on a 3-stage DCF model which we
believe captures the period of high growth in CGD volumes. Key risks to our call
are better than expected volume growth and access to new growth geographies.
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Brynjar Eirik Bustnes Asia Pacific Equity Research
(852) 2800-8578 24 November 2010
brynjar.e.bustnes@jpmorgan.com
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Brynjar Eirik Bustnes Asia Pacific Equity Research
(852) 2800-8578 24 November 2010
brynjar.e.bustnes@jpmorgan.com
Oct
Dec
Mar
Apr
Jul
Jan
Feb
Jun
Sep
May
Nov
2010 2005 2006 2007 2008 2009
Se 8
Se 9
Se 0
De 6
M 6
Ju 7
07
M 7
Ju 8
08
M 8
Ju 9
09
M 9
Ju 0
10
Se 7
Se 8
Se 9
Se 10
De 6
M 6
Ju 7
07
M 7
Ju 8
De 8
M 8
Ju 9
De 9
M 9
Ju 0
10
0
1
0
c-0
-0
c-0
-0
c-0
-0
c-0
-1
0
n-
n-
n-
n-
0
c-0
-0
c-0
-0
0
c-0
-0
0
c-0
-1
p-
p-
p-
p-
p-
ar
ar
ar
ar
n-
n-
n-
n-
p-
p-
p-
p-
p-
De
De
De
ar
ar
ar
ar
Se
De
Se
Contango/ Backwardation time series (Brent, $/bbl) Contango/ Backwardation time series (WTI, $/bbl)
5 Contango 5 Contango
3 3
1 1
(1)
(1)
(3) Backw ardation (3)
(5) Backw ardation
(5)
Nov -09 Jan-10 Mar-10 May -10 Jul-10 Sep-10
Nov -09 Jan-10 Mar-10 May -10 Jul-10 Sep-10
2month premium 6month premium
2month premium 6month premium
Source: Bloomberg.
Source: Bloomberg.
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Brynjar Eirik Bustnes Asia Pacific Equity Research
(852) 2800-8578 24 November 2010
brynjar.e.bustnes@jpmorgan.com
Complex and Simple GRM spread ($/bbl) Crude and GRM Spreads ($/bbl)
15 15
10 10
5
5
0
0 c -5
Jan-02
Jul-02
Jan-03
Jul-03
Jan-04
Jul-04
Jan-05
Jul-05
Jan-06
Jul-06
Jan-07
Jul-07
Jan-08
Jul-08
Jan-09
-5
Jan-02
Jul-02
Jan-03
Jul-03
Jan-04
Jul-04
Jan-05
Jul-05
Jan-06
Jul-06
Jan-07
Jul-07
Jan-08
Jul-08
Jan-09
Jul-09
Jan-10
Jul-10
Oct-09
Oct-10
Jan-08
Apr-08
Jul-08
Jan-09
Apr-09
Jul-09
Jan-10
Apr-10
Jul-10
-30
-40 China GRM Brent (RHS)
Jan-02
Jul-02
Jan-03
Jul-03
Jan-04
Jul-04
Jan-05
Jul-05
Jan-06
Jul-06
Jan-07
Jul-07
Jan-08
Jul-08
Jan-09
Jul-09
Jan-10
Jul-10
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Brynjar Eirik Bustnes Asia Pacific Equity Research
(852) 2800-8578 24 November 2010
brynjar.e.bustnes@jpmorgan.com
Source: Bloomberg.
Source: Bloomberg.
800
600 900
400 700
200 500
0
300
(200)
(400) 100
Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 (100)
HDPE-Ethy lene PP-Propy lene Jan-06 Jan-07 Jan-08 Jan-09 Jan-10
Source: Bloomberg.
Polyester Chain spot margins ($/mt) PVC Chain spot margins ($/mt)
1000
1,000
800 800
600 600
400 400
200 200
s
0 0
Jan-06 Jan-07 Jan-08 Jan-09 Jan-10
Jan-06 Jan-07 Jan-08 Jan-09 Jan-10
PTA-PX MEG-Ethy lene POY-(PTA/MEG)
PVC-VCM PVC-EDC
Source: Bloomberg Source: Bloomberg.
17
Brynjar Eirik Bustnes Asia Pacific Equity Research
(852) 2800-8578 24 November 2010
brynjar.e.bustnes@jpmorgan.com
Price performance
Upstream
Upstream - % Change – 1 Week Upstream - % Change – 1 Month
Energi
4.5 CNOOC
7.3
PPL 3.5 OGDC 6.8
Inpex 3.3 P TT 5.9
OGDC 3.3 P TTEP 5.3
P TTEP 1.4 PPL 5.0
CNOOC 0.9 Inpex 3.8
P TT 0.3 Sino pec 0.1
Sino pec (2.2) P etro China (3.3)
Cairn India (2.9) Cairn India (4.3)
ONGC (3.2) ONGC (5.3)
M edco (3.4) Energi (7.3)
P etro China
(5.6)
(4.2) RIL
(9.6)(8.0)
RIL M edco
Refining
Refining - % Change – 1 Week Refining - % Change – 1 Month
TOP TOP 22.0
13.7
S - OIL 4.2 GS Ho ldings 12.4
Shell M alaysia 0.4 S - OIL 10.6
FP CC (0.9) SK Energy 6.2
GS Ho ldings (2.4) FP CC 5.6
CP CL (3.6) Shell M alaysia (0.9)
B P CL (4.3) B P CL (2.0)
HP CL (4.4) CP CL (6.3)
M RP L (10.3)
SK Energy (4.7)
HP CL (11.3)
IOC (8.2) (14.4)
IOC
M RP L (9.6)
Petrochems
Petrochems - % Change – 1 Week Petrochems - % Change – 1 Month
P TTA R
P TTA R 8.8 26.5
Sino pec Yizheng 5.5 Sino pec Yizheng 19.5
Titan P etro 5.0 P TTCH 13.5
Hanwha 4.1 Hanwha 10.9
P TTCH 3.5 LG Chem 10.6
LG Chem 2.4 FCFC 8.1
IRP C 0.9 FP C 6.6
FP C (0.4) Nan Ya 2.2
Ho nam (0.8) IRP C 1.9
FCFC (3.0) Titan P etro (6.0)
(3.9) (7.4)
Nan Ya Ho nam
Source: Bloomberg
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Brynjar Eirik Bustnes Asia Pacific Equity Research
(852) 2800-8578 24 November 2010
brynjar.e.bustnes@jpmorgan.com
Regional Sector/ Country Performance
Asia Ex-Japan Indices- % Change - 1 Week Asia Ex-Japan Indices- % Change - 1 Month
P akistan Japan
2.9 6.3
Indo nesia 2.9 P akistan 4.5
Japan 2.8 Ko rea 3.9
Ko rea 2.1 Thailand 3.8
Thailand 0.3 Indo nesia 3.3
M alaysia 0.2 M alaysia 0.8
China (1.3) China (1.2)
(2.2)
India(1.5)
India
Source: Bloomberg.
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Brynjar Eirik Bustnes Asia Pacific Equity Research
(852) 2800-8578 24 November 2010
brynjar.e.bustnes@jpmorgan.com
Valuations
Company Ticker Price Rating PT U-D/side Mcap EV P/E EV/EBITDA P/BV Yield ROE% D/E%
BBG (LC) (LC) USD Mn USD Mn 2009A 2010E 2011E 2009A 2010E 2011E 2010E 2011E 2010E 2011E 2010E 2011E 2010E 2011E
Upstream
CNOOC 883 HK 17.7 UW 12.5 -29% 101,960 96,976 23.0 14.2 13.8 11.4 7.2 6.4 3.6 3.3 3% 3% 26% 24% -11% -15%
ONGC ONGC IN 1,297 N 1,375 6% 59,945 51,054 14.0 11.1 10.3 5.7 4.5 4.0 2.3 2.1 3% 3% 23% 21% -34% -43%
PTTEP PTTEP TB 184 OW 187 2% 20,312 21,328 27.4 16.4 14.9 7.8 6.4 5.9 3.6 3.2 3% 3% 24% 23% 12% 18%
Medco MEDC IJ 3,625 OW 4500 24% 1,352 1,693 70.0 48.3 20.6 7.6 4.5 3.4 1.9 1.7 0% 1% 4% 9% 0% 0%
Inpex Corp 1605 JT 447,500 OW 630,000 41% 19,634 12,805 6.2 8.4 13.3 2.0 2.8 1.7 0.8 0.8 1% 1% 8% 7% -5% -29%
Integrated
PetroChina 857 HK 9.76 UW 7.6 -22% 229,011 271,666 14.8 11.6 11.1 7.1 5.7 5.4 1.7 1.5 4% 4% 15% 14% 26% 28%
Sinopec 386 HK 7.38 OW 8.5 15% 82,034 106,472 8.9 8.0 7.0 5.2 4.6 4.0 1.3 1.1 3% 4% 17% 17% 39% 33%
RIL RIL IN 1,012 OW 1,260 24% 71,748 73,162 20.7 14.4 12.6 10.8 8.3 7.0 2.4 2.0 1% 1% 18% 17% 5% -8%
PTT PTT TB 326 OW 395 21% 30,955 37,178 15.5 12.6 10.9 7.8 6.5 5.5 1.9 1.7 3% 3% 16% 17% 49% 36%
Average Upstream 23.4 16.4 12.1 5.8 4.2 3.6 2.0 1.8 2% 2% 14% 14% -6% -12%
Average Integrated 15.0 11.6 10.4 7.7 6.3 5.5 1.8 1.6 3% 3% 16% 16% 30% 22%
Refineries
Thai Oil TOP TB 65.3 OW 71 8% 4,442 5,150 11.0 15.9 12.3 8.3 9.4 7.1 1.9 1.8 4% 4% 12% 15% 43% 29%
PTTAR PTTAR TB 37.0 OW 40 8% 3,663 5,367 12.0 16.6 11.7 11.0 10.5 8.1 1.7 1.6 3% 4% 11% 14% 110% 89%
SK Energy 096770 KS 168,500 OW 165,000 -2% 13,428 17,454 22.1 9.6 10.0 11.0 6.7 6.7 1.6 1.4 1% 1% 18% 15% 63% 51%
S-Oil 010950 KS 77,000 UW 60,000 -22% 7,690 9,147 38.6 16.6 13.5 20.1 10.5 8.5 2.0 1.8 1% 2% 13% 14% 50% 41%
GS Holdings 078930 KS 63,600 NR NR NA 5,307 5,825 12.7 8.1 9.0 13.6 8.2 9.0 1.3 1.1 2% 2% 17% 13% 13% NA
Shell Malaysia SHELL MK 10.6 NR NR NA 1,024 1,033 14.2 14.5 29.0 6.2 7.8 12.1 1.5 1.5 5% 5% 14% 3% 17% NA
Reliance Industries RIL IN 1,012 OW 1260 24% 71,748 73,162 20.7 14.4 12.6 10.8 8.3 7.0 2.4 2.0 1% 1% 18% 17% 5% -8%
IOC IOCL IN 386 N 410 6% 19,591 23,296 9.2 9.9 9.5 7.0 6.9 6.2 1.6 1.4 3% 3% 17% 16% 31% 14%
HPCL HPCL IN 448 UW 365 -19% 3,307 6,261 17.9 10.5 11.5 11.3 7.5 6.6 1.2 1.1 3% 3% 12% 10% 106% 85%
BPCL BPCL IN 717 N 645 -10% 5,616 7,768 22.5 16.0 13.1 13.5 8.3 6.8 1.8 1.7 2% 2% 12% 13% 71% 53%
FPCC 6505 TT 84 UW 71 -16% 26,422 29,195 20.4 22.5 20.3 10.7 11.7 11.3 3.4 3.4 5% 4% 15% 17% 57% 45%
Shanghai Petrochem 338 HK 3.78 NR NR NA 7,239 7,143 12.3 10.6 10.4 12.3 13.3 12.5 1.4 1.2 2% 3% 13% 12% 46% NA
Average Refineries 17.8 13.8 13.6 11.3 9.1 8.5 1.8 1.7 3% 3% 14% 13% 51% 44%
Petrochemicals
FCFC 1326 TT 90.0 OW 103 14% 16,891 12,534 17.4 11.5 10.5 16.7 9.6 8.4 1.9 1.8 5% 8% 18% 18% -4% -1%
FPCC 6505 TT 84.1 UW 71 -16% 26,422 29,195 20.4 22.5 20.3 10.7 11.7 11.3 3.4 3.4 5% 4% 15% 17% 57% 45%
Nan Ya Plastics 1303 TT 70.2 N 64 -9% 18,180 17,064 33.6 13.1 11.5 30.0 14.7 14.0 1.9 1.9 3% 7% 16% 17% 19% 19%
Formosa Plastics 1301 TT 90.0 N 79 -12% 18,168 13,081 20.0 12.9 12.6 18.4 11.3 11.3 2.3 2.2 4% 7% 18% 18% -2% -2%
LG Chem 051910 KS 395,000 OW 430,000 9% 23,015 10,513 18.0 12.9 12.0 5.6 4.5 3.6 3.4 2.7 1% 1% 30% 25% -11% -31%
Honam Petrochem 011170 KS 236,500 UW 110,000 -53% 6,721 2,256 9.5 11.0 15.6 3.2 3.1 4.1 1.7 1.5 0% 0% 17% 10% -12% -14%
Hanwha Chemical 009830 KS 33,250 UW 15,000 -55% 4,137 2,364 13.6 10.9 15.0 5.2 5.4 5.6 1.5 1.4 1% 2% 15% 10% 29% 27%
PTTAR PTTAR TB 37.0 OW 40 8% 3,663 5,367 12.0 16.6 11.7 11.0 10.5 8.1 1.7 1.6 3% 4% 11% 14% 110% 89%
PTTCH PTTCH TB 164.5 UW 92 -44% 8,311 4,891 36.3 23.5 17.2 10.5 7.5 5.9 2.3 2.2 2% 2% 10% 13% 31% 21%
Sinopec Yizheng Chemical 1033 HK 3.59 NR NR NA 4,417 3,579 23.5 11.8 8.0 25.1 19.4 18.1 1.4 1.1 2% 2% 9% 13% -52% NA
Indorama Ventures IVL TB 46 UW 21 -55% 6,689 5,032 32.2 28.2 25.8 15.6 13.3 11.9 6.3 5.5 1% 1% 29% 23% 103% 72%
Shanghai Petrochem 338 HK 3.78 NR NR NA 7,239 7,143 12.3 10.6 10.4 12.3 13.3 12.5 1.4 1.2 2% 3% 13% 12% 46% NA
Average Petrochemicals 20.0 15.0 13.7 13.1 10.0 9.3 2.4 2.1 2% 3% 17% 16% 19% 22%
Source: Bloomberg, IBES, J.P. Morgan estimates. J.P. Morgan estimates for rated stocks, consensus estimates for non-rated stocks. Note: Valuation table is priced as on 22-Nov-10
20
Brynjar Eirik Bustnes Asia Pacific Equity Research
(852) 2800-8578 24 November 2010
brynjar.e.bustnes@jpmorgan.com
Analyst Certification:
The research analyst(s) denoted by an “AC” on the cover of this report certifies (or, where multiple research analysts are primarily
responsible for this report, the research analyst denoted by an “AC” on the cover or within the document individually certifies, with
respect to each security or issuer that the research analyst covers in this research) that: (1) all of the views expressed in this report
accurately reflect his or her personal views about any and all of the subject securities or issuers; and (2) no part of any of the research
analyst’s compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed by the
research analyst(s) in this report.
Important Disclosures
Important Disclosures for Equity Research Compendium Reports: Important disclosures, including price charts for all companies
under coverage for at least one year, are available through the search function on J.P. Morgan’s website
https://mm.jpmorgan.com/disclosures/company or by calling this U.S. toll-free number (1-800-477-0406)
Coverage Universe: Brynjar Eirik Bustnes, CFA: CNOOC (0883.HK), China BlueChemical Ltd (3983.HK), China
Oilfield Services Limited (2883.HK), Inpex Corporation (1605.T), PetroChina (0857.HK), S-Oil Corp (010950.KS), SK
Energy Co Ltd (096770.KS), Sinopec Corp - H (0386.HK)
Valuation and Risks: Please see the most recent company-specific research report for an analysis of valuation methodology and risks on
any securities recommended herein. Research is available at http://www.morganmarkets.com , or you can contact the analyst named on
the front of this note or your J.P. Morgan representative.
Analysts’ Compensation: The equity research analysts responsible for the preparation of this report receive compensation based upon
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and may not be subject to FINRA Rule 2711 and NYSE Rule 472 restrictions on communications with covered companies, public
appearances, and trading securities held by a research analyst account.
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(852) 2800-8578 24 November 2010
brynjar.e.bustnes@jpmorgan.com
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Brynjar Eirik Bustnes Asia Pacific Equity Research
(852) 2800-8578 24 November 2010
brynjar.e.bustnes@jpmorgan.com
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