{"id":24826,"date":"2021-03-08T16:44:46","date_gmt":"2021-03-08T15:44:46","guid":{"rendered":"https:\/\/www.stocexpo.com\/?p=24826"},"modified":"2021-03-08T16:45:36","modified_gmt":"2021-03-08T15:45:36","slug":"chinese-oil-majors-undervalued","status":"publish","type":"post","link":"https:\/\/www.stocexpo.com\/en\/2021\/03\/08\/chinese-oil-majors-undervalued\/","title":{"rendered":"Chinese oil majors undervalued"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"24826\" class=\"elementor elementor-24826\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-d73fcfa elementor-section-stretched elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"d73fcfa\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;stretch_section&quot;:&quot;section-stretched&quot;,&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-31a66287\" data-id=\"31a66287\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-11d5ab4b elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"11d5ab4b\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-5858ddde\" data-id=\"5858ddde\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-7ffa221b elementor-widget elementor-widget-theme-post-title elementor-page-title elementor-widget-heading\" data-id=\"7ffa221b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"theme-post-title.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\">Chinese oil majors undervalued<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-464db08e elementor-align-left elementor-widget elementor-widget-post-info\" data-id=\"464db08e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"post-info.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul class=\"elementor-inline-items elementor-icon-list-items elementor-post-info\">\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item elementor-repeater-item-7a16641 elementor-inline-item\" itemprop=\"datePublished\">\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text elementor-post-info__item elementor-post-info__item--type-date\">\n\t\t\t\t\t\t\t\t\t\t<time>08\/03\/2021<\/time>\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-59f89fbb elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"59f89fbb\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-163056b9 elementor-widget elementor-widget-text-editor\" data-id=\"163056b9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"lead\"><div class=\"entry-content no-share\"><div class=\"content-inner \"><div class=\"story-block\"><p>Analysis from investment house Bernstein suggests that the Chinese oil majors \u2013 CNOOC, Sinopec and PetroChina \u2013 offer a potential 30% upside as they trade at a wide discount to historic prices and global peers.<\/p><p>Valuation multiples for most oil majors, as well as exploration and production players, in Asia Pacific, are back in line with the historic five-year average. PetroChina, Sinopec and CNOOC remain the exception, reported Bernstein.<\/p><p>\u201cChina oil majors will report full year 2020 results at the end of March. We don\u2019t expect any major surprises for last year\u2019s results which look well reflected in consensus estimates, although we do believe that companies will generally outperform current estimates. 2021 could see more material upside to earnings however from strengthening oil prices and continued improvement in downstream margins which we believe will surprise to the upside,\u201d said Bernstein.<\/p><p>Chinese upstream production is also expected to surprise to the upside this year.<\/p><p>\u201cThe focus of Chinese oil companies remains volume growth in upstream which is primarily driven by China energy security policies. On average, the Chinese oil majors are expected to grow production by 3.5% in 2020 and we expect the companies will maintain current growth pace into 2021 at 3% growth,\u201d said analysts at the research house.<\/p><p>\u201cNote however that gas has grown at a much faster pace at 6% in 2020 which will continue to grow at similar rates in 2021. Oil production will see minimal growth given the maturity of the resource base. Increasingly there is an expectation that domestic oil production will likely peak by 2025,\u201d they said.<\/p><p>\u201cIn the downstream, PetroChina and Sinopec witnessed refining throughput fall by 2% and 5% respectively in 2020. We expect 2021 downstream activities will largely return to pre-COVID levels for 2021, although the competition with independent refineries and petrochemical producers remains intense,\u201d added the analysts.<\/p><p>Despite the resiliency of China oil majors through COVID-19 and improving outlook through 2021, stock performance has been disappointing. \u201cSinopec has outperformed the other two Chinese oil majors since the beginning of the year driven partly by the improving profitability in upstream and downstream and more recently expansion into hydrogen and other new energy. CNOOC has underperformed due to the impact of US sanctions on shareholding structure despite the strong upstream execution and costs control. PetroChina which underwent significant pipeline reform last year, continues to be a laggard within the group,\u201d said Bernstein.<\/p><p><strong>UPSTREAM OUTLOOK<\/strong><\/p><p>Despite the collapse in commodity prices and the effects of COVID-19 on operations, China\u2019s domestic oil and gas production maintained stable growth of 3.5% year-on-year across the three Chinese oil majors. However, gas has expanded at a much faster pace of 6% in 2020, which is in line with domestic gas demand growth of 6%. Oil production growth on the other hand remains challenged due to maturing fields and Chinese majors prioritising gas expansion.<\/p><p>As such, Bernstein expects domestic oil production will likely peak by 2025 while gas production will maintain mid-single digit expansion over the medium term as gas remains a key part of China\u2019s decarbonisation plans.<\/p><p>In 2021, Bernstein sees similar growth trends continuing. \u201cThere are several reasons for this. Firstly, the Chinese government continues to promote higher domestic oil and gas production for energy security. Second, the downstream market continues to face strong competition which will limit investments in downstream in the short term in favor of E&amp;P development. Lastly, higher operational efficiency and better technologies in upstream have improved economics especially in shale gas which will promote higher upstream investment. As such, we expect the Chinese oil majors will be able to grow oil and gas production by 3% in 2021. With oil prices rising much faster than expected, we expect upside to production rather than lower as companies provide 2021 production guidance at year end results,\u201d said Bernstein.<\/p><\/div><p>Source: <a href=\"https:\/\/www.energyvoice.com\/\">Energy Voice<\/a><\/p><\/div><\/div><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-563edf59\" data-id=\"563edf59\" data-element_type=\"column\" data-e-type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-63502443 elementor-widget elementor-widget-theme-post-featured-image elementor-widget-image\" data-id=\"63502443\" data-element_type=\"widget\" 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Valuation multiples for most oil majors, as well as exploration and production players, in Asia Pacific, are back in line [&hellip;]<\/p>\n","protected":false},"author":85,"featured_media":24828,"comment_status":"open","ping_status":"open","sticky":false,"template":"elementor_header_footer","format":"standard","meta":{"_seopress_robots_primary_cat":"none","_seopress_titles_title":"Chinese oil majors undervalued | StocExpo ","_seopress_titles_desc":"Chinese oil majors undervalued. 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