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Gold/Mining/Energy : Big Dog's Boom Boom Room

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To: Dennis Roth who wrote (182292)	1/22/2014 4:35:38 AM
From: Dennis Roth	2 Recommendations Recommended By evestor LoneClone Read Replies (1) of 206184

CNOOC, GLOG, SLB, SOLJ.J, WOR.AX CNOOC (0883.HK) Another Year to Wait – Cutting TP to HK$15.30 21 January 2014 22 January 2014 ¦ 17 pages ir.citi.com After disappointing FY14 growth guidance, five-year target looks unlikely – We believe management’s disappointing FY14 production volume growth guidance is mainly due to delays to new development projects. While we expect growth to pick up next year we believe achieving the 20-25% growth in ex-Nexen volume required to hit the low end of management’s guidance range (440-530mm boe) is unlikely. We forecast ex-Nexen growth of 4% / 16% in FY14/15 brining FY15 volume to 422 mm boe. GasLog Ltd. (GLOG) Continues to Grow Fleet and Cash Flow with 3 Vessel Acq; Buy 17 January 2014 ¦ 11 pages ir.citi.com Schlumberger Ltd (SLB) Reiterate Buy on Solid Global Growth 20 January 2014 ¦ 20 pages ir.citi.com Sasol Ltd (SOLJ.J) Macro supports fundamental growth - Buy 21 January 2014 ¦ 23 pages ir.citi.com Spot earnings (at ZAR 10.80 and crude U$106/bbl) would place Sasol at a very attractive PE and EV/EBITDA of 7.6x and 4.8x respectively at end FY15e. Outside commodity prices, we see near-term catalysts in its H1 results (with detail on the business case, progress and implementation costs of the cost optimization project expected) and potential for rising cash returns to shareholders (given Sasol’s rising cash balances and progressive dividend policy), also supporting our Buy recommendation. WorleyParsons Ltd (WOR.AX) Sector exposure and capex outlook point to lower growth 21 January 2014 ¦ 25 pages ir.citi.com Hydrocarbon capex growth is set to slow to mid-single digit vs 11% CAGR over 2010-2013, due to the outlook for flat oil prices and flat to declining returns for majors. E&Cs leveraged to high growth sectors in US unconventional oil & gas, offshore and Middle East should outperform. We model WOR mid-single digit revenue growth from FY15 reflecting WOR is underweight certain high growth sectors. We trim our FY14-16e NPAT by 3-4%. Trading at a 7% discount to peers, WOR looks fair value. Neutral.

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