2017年11月21日星期二

浅谈8192 Mercury 美佳利 2017Q3之业绩:

30-9-2017 ; 
cash:1437万
loan:214万
9个月净利1334万
eps=33.21 sen
nta=rm1.84

个人浅见与功课:
--RM 2.10 当然可进,转型建筑业,红股,净利提升,低股数,于21-7-2017止老板買进至17.048%股份了(6850,000股)。
--該公司是向大股東兼執行董事——拿督張貴喜(譯音)收購上述建築公司股權,後者主要涉足土木建築工程領域,並持有G7級執照,使它可競標任何價值的工程合約,及B04及CE21注冊類別工程。
--美佳利未来将从相关公司美德集团(MEDAINC,5040,主板产业股)、益可第一(ECOFIRS,3557,主板贸服股)以及安达曼集团(Andaman),陆续获得建筑工程合约。
益可第一所有工程交付Paramount Bounty
张建飞持有益可第一17%股权,也是后者的总裁兼执行董事。同时,他也是美德集团的大股东,持有15%股权。
“我们要设法壮大ParamountBounty,并打算将所有益可第一的工程合约都交付予前者。”
他指出,在吉隆坡发展总值10亿令吉的混合型产业发展计划,以及美德集团在马六甲的一马房屋(PR1MA)计划,都会交付予Paramount Bounty兴建
--ECOFIRST集团首席执行员拿督张建飞在股东大会后的记者招待会上表示,公司在未来12年內会专注发展位於淡江(Ulu Kelang)的Ampang Ukay综合发展项目。
「面积87英亩的Ampang Ukay综合发展项目,发展总值(GDV)为50亿令吉.
--8192:RM 2.15 
Mercury 子公司paramount bounty 从ecofirt,madainc 取得工程合约,室内家俬交付Ahb负责,相補相成,老板張健飞是mercury,ecofirt,madainc,ahb的股东。 
Mercury 8192 有近2.99亿合约,平均赚副10%计,未來3年内可净利30M,eps=75 sen,每年约eps=25sen,取pe=10,股价=rm2.50 ,为加强流通量,公司配合红股或拆细计昼股价将有再次爆升,估计第四季会派发股息6sen, 
个人分享,買賣自负。
--现三个季净利1334万,eps=rm0.33,估计2017全年净利1607万,eps=rm0.40,
现股价rm2.10只是在本益比5.25倍交易,明显低估了,
合理的股价为rm2.80,pe=7,取eps=rm0.40计算.
--截止30/9/17为止,手中订单有299m,因此公司仍会取得净利。

只是分享,投资请三思且自负.

prospects for 2017:
Despite the growth in the construction sector, generated by the construction works on public transportation infrastructure networks and
expressways, the residential property sector where the Group operates, still suffers a slowdown in construction activities as a result of the
overhang of unsold stock of completed properties. The difficulty of potential buyers in getting bank financing has resulted in a slowdown in
sales and thus the construction of residential and commercial properties and the soft property market is expected to continue into 2018. As
for the Group's construction subsidiary, in spite of a slowdown in the residential property sector, it is still expected to contribute positively to
the Group's revenue and profitability based on its existing orderbook in hand of RM299 million as at 30/9/2017.
For the financial year 2017, barring unforeseen circumstances, the Board is optimistic that the profitability of the Group will be higher due to
the remaining orderbook of construction works in hand, the expected profit contribution from AMSB, the interest savings from the repayment
of the RM30 million term loan and the gain of RM9.06 million from the disposal of SPSB.








--
Mercury Industries’ subsidiary to develop RM238mil project in Gombak

KUALA LUMPUR: Mercury Industries Bhd

’s (MIB) 70%-owned subsidiary, Paramount Bounty Sdn Bhd, will carry out construction works for a RM238mil mixed development project in Gombak, Selangor.

MIB said Paramount Bounty would build three small office home office blocks, retail space, leisure facilities, mutiple-level parking, electrical substation, garbage facility and a sewage treatment plant.

“The completion period of the project is 27 months from the commencement date of the construction works.

“We expect the project to contribute positively to our financial performance,” it said in a filing with Bursa Malaysia on Tuesday.

MIB said Paramount Bounty accepted the letter of appointment from Veritas Architects Sdn Bhd, the architect appointed by Pujian Development Sdn Bhd for the project.

Pujian is the appointed turnkey contractor for the project owned by EcoFirst Hartz Sdn Bhd. - Bernama
Read more at https://www.thestar.com.my/business/business-news/2017/02/21/mercury-industries-subsidiary-to-develop-rm238mil-project-in-gombak/#1udZqaChIbcCraZs.99


--

Mercury Industries expects more jobs from EcoFirst, Meda Inc

KUALA LUMPUR: Car paint maker Mercury Industries Bhd is expecting more jobs from EcoFirst Consolidated Bhd and Meda Inc Bhd, following the acquisition of a 70% stake in privately-held Paramount Bounty Sdn Bhd, from major shareholder Datuk Tiong Kwing Hee for RM42 million cash.
Tiong, executive director of Mercury, who is also chief executive officer of EcoFirst, said  more contracts will be channelled to Mercury due to his involvement in the two firms.
Tiong holds 17% in EcoFirst and 15% in Meda Inc, while his stake in Mercury stands at 7.99%.
First on the list is a 1Malaysia Housing Programme project consisting of 1,600 apartment units in Melaka, which Meda Inc will be awarding to Mercury, said Tiong. 
“Things are still in progress. We are in the midst of finalising the details,” he told reporters after Mercury’s extraordinary general meeting (EGM) yesterday, but declined to elaborate.
He said EcoFirst and Meda Inc will be seeking their respective shareholders’ mandate to award contracts to Mercury.
Tiong said Paramount Bounty may also participate in a mixed development in Kuala Lumpur, which has a gross development value of more than RM1 billion. 
He is also confident that Mercury can expect future jobs from Andaman Group, which has previously awarded property development contracts to Paramount Bounty.   
At the EGM, Mercury received shareholders’ nod to proceed with a related party transaction (RTP) of acquiring the 70% stake in Paramount Bounty from Tiong, which will see the car paint manufacturer diversifying its core business to include construction.
The group expects to see its new construction business make up as much as 60% of its revenue going forward, with the current core car paint business contributing the rest.
The acquisition will be funded by internal funds and bank borrowings.
As at May 31, 2015, Paramount Bounty’s oustanding order book stood at RM104.3 million — including Diamond Residence Phase 2, Bangi EVO and the renovation of a hotel in Batu Pahat, Johor. Its tender book was at RM562 million. 
Mercury’s stake acquisition comes with a profit guarantee by Tiong of an annual net profit of RM6.6 million for FY15 to FY17. The acquisition is expected to be completed in mid-August.  
“An RPT is not always bad,” he said. The Edge weekly had previously reported that Mercury’s RPT was a cause for concern for minority shareholders as the company is buying a larger firm valued at RM60 million and diversifying into a business in which it has no prior experience.

2017年11月12日星期日

8192 Mercury 美佳利成功转型建筑业?

转贴:
谢谢网友功课:
Mercury优質冷门股,手中订单+红股=股价大涨?
Author: koko888 | Publish date: Tue, 10 Oct 2017, 09:21 PM

MERCURY INDUSTRIES BECOMES PURE CONSTRUCTION PLAY THE EDGE MALAYSIA SEPTEMBER 25.2017

Mercury Industries Bhd’s move into the construction business two years ago seems to be panning out.The group, which used to make automotive paints, posted a higher profit and paid a better dividend for the financial year ended Dec 31, 2016 (FY2016), and in the six months ended June (1HFY2017), it turned net cash.

Completing the transformation in June, it acquired a building materials firm, sold off its automotive paints business and exited the auto refinishing industry.

Managing director Datuk Tiong Kwing Hee says the group plans to acquire an interior design (ID) house next year as it seeks to strengthen its construction business.
“We have identified a target…they are good at what they do. Now, we want them to show us the numbers and hit a certain profit target. If all goes well, we will buy the ID company by the end of next year,” he tells The Edge.
Tiong, 59, is the single largest shareholder of Mercury Industries with 17% equity interest. He was appointed executive director in August 2000, before being redesignated managing director in July this year.
It is estimated that Mercury Industries would have to fork out not more than RM10 million to acquire the ID house.Tiong says the deal could be a combination of cash and share swap.The ID firm will be asked to give a profit guarantee of RM3 million per annum.

“The owner is keen to sell. His problem is the banking facility. As a private held company, it is difficult for them to get a loan, whereas for us, as a public-listed company, it is much easier,” he says.
Two years ago, Mercury Industries began its journey to become a construction player.In August 2015, it acquired a 70% stake in non-listed builder Paramount Bounty Sdn Bhd from Tiong for RM42 million.
In June this year, Mercury Industries paid RM7 million cash to buy a 100% stake in construction materials firm Andaman Marketing Sdn Bhd, to complement the construction business.

Subsequently, Mercury Industries disposed of its entire automotive paints divisions to Tiong for RM50 million in cash.The disposal was also completed in June.In a nutshell, Tiong injected the construction business into Mercury Industries before taking the car paints business private.He is also expanding the group’s revenue stream by acquiring construction-related companies.
“My goal is to transform Mercury Industries into a pure construction play with earning visibility. We want it to enjoy a good set of numbers,” he says.
Excluding earnings from the car paints divisions, Mercury Industries reported a net profit of RM6.6 million, on revenue of RM46.5 million in FY2014, when it was still mainly involved in the car paints business.
Mercury Industries registered a significantly higher net profit of RM11.6 million in 1HFY2017, thanks to the RM9 million gain from the sale of the automotive paints division.
The group achieved a net cash position of RM10.5 million as at June 30 this year, compared with a net debt position of RM23 million as at Dec 31 last year.
Excluding the gain on disposal, says Tiong, Mercury Industries is expected to make an annual profit of RM10 million in FY2017 and FY2018-RM7 million will come from the
construction activities and the remainder from building materials.

Moving on to FY2019, Tiong expects Mercury Industries’s net profit to grow 50% year on year to RM15 million, assuming he successfully acquires the ID house.“Going forward, I think the construction division will contribute RM10 million, building materials will account for RM2 million to RM3 million, and the ID division will make up another RM3 million,” he predicts.
Based on Mercury Industries’ earnings of RM4.8 million in FY2014, the numbers could be double to RM10 million in FY2017 and FY2018 and triple to RM15 million in FY2019.

LOOKING TO IMPROVE SHARE LIQUIDITY,PRICE

While the venture into construction has put the group on a stronger footing, investors do not seem to recognize Tiong’s hard work.At the closing price of RM1.26 last Wednesday, Mercury Industries was only valued at RM50.6 million, which is about the same as its market capitalization two years ago.

On a positive note, the company may seem attractive given its low forward price-earnings ratio (PER) compared with peers in the same industry.

Based on its current market capitalization of RM50.6 million, Mercury Industries is trading at a forward PER of five times for FY2017 and FY2018 and 3.3 times for FY2019, if it achieves its internal profit targets of RM10 million and RM15 million.
Sunway Construction Group Bhd, IJM Corp Bhd and WCT Holdings Bhd are trading at forward PERs of 17 to 19 times.“Today, Mercury Industries is a rather small but well-run company. I can make it bigger and stronger,” Tiong says confidently, adding that he may raise his stake in the company to up to 20%.
To improve Mercury Industries’s share liquidity and share price performance, Tiong says the company is considering a bonus issue or share split exercise as early as next year.

“We intend to undertake some interesting corporate exercises in the near future. All these things are in the pipeline. I still need to discuss further with my investment bankers the best way to restructure our balance sheet and, more importantly, add value for our shareholders.”
It is worth noting that Tiong is also the group CEO and executive director of property developer EcoFirst Consolidated Bhd, which was known as Kumpulan Emas Bhd until 2006.
Tiong had previously told The Edge that EcoFirst has been facing legacy issues, mainly inherited from Kumpulan Emas, an ailing, debt-laden company that was taken over by the Teoh brothers – Datuk Dr Patrick Teoh Seng Foo, Datuk Kenneth Teoh Seng Kian and Teoh Seng Aun – in the 1990s.
Interestingly, Tiong initially bought a 70% stake in Paramount Bounty from Seng Aun while Mercury Industries’ 100% stake in Andaman Marketing was purchased from Seng Kian and Seng Aun.
Tiong, however, refuses to blame the “Teoh brothers effect” for the lackluster share price performance of Mercury Industries.
“To be fair to them, the Teoh brothers are not involved in Mercury Industries at all. I don’t think our share price is affected by the perception issue. I would like to think that we are not in a very sexy industry, so investors don’t see us as a sexy stock,” he says.
Paramount Bounty has an outstanding order book of RM477 million.
Its ongoing projects include EVO Bangi, where the company is building commercial retail and small office/home office units at Hulu Langat under a RM122.7 million contract.
In February this year, Paramount Bounty bagged another construction job worth RM238 million for EcoFirst’s mixed-use development in Ulu Kelang, Selangor.
Its previous projects include residential developments such as The Arc @ Cyberjaya, a job worth RM160.9 million in 2014, Casa Residensi Phase 2, (RM96.2 million) in 2013, and Cova Suites, (RM41.7 million) in 2009.

(注:管理层已在bursa发文告澄清,截止30/6/17为止,手中订单只有316m.)

1)Mercury于2015年以Rm42m收购Paramount Bounty的70%股权,
2)公司以Rm50m脱售汽车油漆业务,已在今年6月份完成.
3)今年6月份以现金Rm7m收购一家建筑材料Andaman marketing sdn bhd(AMSB)100%的股权.该公司也给于2018-2020財政年,每年1m盈利保证.
4)公司计划以Rm10m收购一家室內设计(ID)公司,如果一却顺利,明年年底会完成收购,这间公司给予每年3m盈利保证.
5)截止30/6/17為止,手中拥有建筑业务316m,订单,可以忙碌至3年.这还不包括接下来拿到的订单.
建筑业务 營业额 稅前盈利 賺幅%
2015年 23.35m 5.07m 21.7%
2016年 70.84m 9.45m 13.3%
2017年(半年)32.57m 3.73m 11.5%
6)可以看得出公司近期收购的建筑材料及室内设计业务的策略,是为了承接接下來姐妹公司的订单,而所作出的动作。
7)Mercury是小公司,股票數额只有40.18(百万股),为了改善公司的股价和股票流通量,管理层考虑明年会派发红股或股票拆细活动.
8)Mercury是净现金的公司,净现金达Rm10.46m或=每股26仙.
9)以下是2011至2016年,所派发的股息.
2011年=6仙
2012年=8仙
2013年=8仙
2014年=10仙
2015年=6仙
2016年=12仙
2017年= ?
管理层預计建筑业务从2017至2019財政年,每年可贡献Rm10m的净利,包括加上收购一家室內设计(ID)公司,我預测2018財政年净利可达Rm11m,建筑业务10m+建筑材料1m=Rm11m净利或=eps27.4分,以10-12p/e来计算,合理价=Rm2.74-Rm3.29.
如果明年能成功完成收购室內设计(ID)公司,管理层預测2019財政年,建筑业务净利10m+建筑材料业务净利2m+室內设计业务净利3m=净利共达15m或=eps37.3,以10-12p/e来计算,合理价=Rm3.73-Rm4.48.
2017年初,姐妹公司ECOFIRS颁发总值2亿3800万令吉在Ampang Ukay的公寓建筑合約給Mercury,ECOFIRS和Mercury的大股东是Datuk Tiong Kwing Hee ,ECOFIRS目前专注忙于发展Ampang Ukay总值(GDV)50亿令吉的项目,預计将在未来12年內实现,这是个良好地点的发展项目,包含注宅和零售商店,且距離双峰塔(KLCC)大約只需7分钟车程,相信肥水不流外人田,这良好地点的12年长期项目,Mercury肯定受益匪淺.
不要忘记,管理层考虑明年派发红股或股票拆细,肯定也会是能使股价大涨的催化剂。
注:才2个星期Mercury的股价暴涨五十多%,短期內还会大涨有难度,不过,(1年以上)还是被看好,由于2个星期股价就暴涨五十多%,想要买进的人,等它股价调整一些才进场会比较好,虽然我买的价位便宜,紙上盈利几十%,但还是看好它未来的前景,所以继续守着.
(只供參考,若有买卖,盈亏自负)

个人浅见与功课:
--RM 2.49  当然可进,強势背后有因,转型建筑业,红股,净利提升,低股数,于21-7-2017止老板買进至17.048%股份了(6850,000股)。
--該公司是向大股東兼執行董事——拿督張貴喜(譯音)收購上述建築公司股權,後者主要涉足土木建築工程領域,並持有G7級執照,使它可競標任何價值的工程合約,及B04及CE21注冊類別工程。
--美佳利未来将从相关公司美德集团(MEDAINC,5040,主板产业股)、益可第一(ECOFIRS,3557,主板贸服股)以及安达曼集团(Andaman),陆续获得建筑工程合约。
益可第一所有工程交付Paramount Bounty
张建飞持有益可第一17%股权,也是后者的总裁兼执行董事。同时,他也是美德集团的大股东,持有15%股权。
“我们要设法壮大ParamountBounty,并打算将所有益可第一的工程合约都交付予前者。”
他指出,在吉隆坡发展总值10亿令吉的混合型产业发展计划,以及美德集团在马六甲的一马房屋(PR1MA)计划,都会交付予Paramount Bounty兴建
--ECOFIRST集团首席执行员拿督张建飞在股东大会后的记者招待会上表示,公司在未来12年內会专注发展位於淡江(Ulu Kelang)的Ampang Ukay综合发展项目。
「面积87英亩的Ampang Ukay综合发展项目,发展总值(GDV)为50亿令吉.
--现兩季净利1165万,eps=rm0.29,估计2017全年净利1607万,eps=rm0.40,
现股价rm2.21只是在本益比5.5倍交易,明显低估了,
合理的股价为rm2.80,pe=7,取eps=rm0.40计算.

只是分享,投资请三思且自负.










2017年11月4日星期六

转贴:大红花石油 股价上涨空间大--

2017-1-10 06:53 

分析:大众投行研究



目标价:60仙
最新进展:

大红花石油(HIBISCS,5199,主板工业产品股)与国油勘探(Petronas Carigali)私人有限公司合作,以2500万美元(约1亿463万令吉),收购荷兰皇家蚬壳(Royal Dutch Shell)在沙巴北部的提高石油产量生产共享合约(PSC)50%股权和共同经营权。

收购计划预计会在今年中旬完成,目前正待国家石油(Petronas)批准。

行家建议:

若收购计划成功,我们估计,大红花石油的合理价值将为1.15令吉。

目前该股的目标价为60仙。沙巴北部的资产收购将为该公司带来55仙的上涨潜能,因此若完成该收购活动,股价将上涨。

不过,即便是目前60仙的目标价,从目前股价计算,也有达37.1%的上涨空间。

因石油输出国组织(OPEC)减产、特朗普主张贸易保护主义,及石油勘探活动重启,石油价格将稳定在每桶50美元(约223.88令吉),该股更具吸引力。


a)个人功课:
--收购成北沙巴油田后,每日生产12500桶原油,这笔帳不少哦。
ns有50%共享(9000桶) +anasuria(3500桶)=12500桶,
油 56usd为5.5 usd,简单
12500x360x5.5x4.25=105m
105m (净利) ÷ 1.544b(股数)=6.8 sen(eps) 
取Pe=20 ,股价=RM1.36  
注:以上是目前油价计,未來油价上升其净利可提高。
--近,48SEN+86SEN=RM1.34
--3-11-2017
 https://tradingeconomics.com/commodity/brent-crude-oil
Crude oil :55.64 usd +1.1
Brent:62.07usd +1.45
原油漲至兩年新高,Hibiscs 为油气上游生产者终将看到幸福。

--估计2018年赚2.69亿,这是股数1.500b计,eps=18 sen
5199 HIBISCUS 大紅花石油己生产石油了(Anasuria油田,20年的开采期) ,
己6个季度取得净利,布籣特原油价62 usd 绝对是利好.tp=1元,公司于30-6-2017现金有5450万.
公司目前零债务和刚转亏为盈的优势,为日后的发展机会融资。
“融资部分将用于寻找可提高产量的实惠方案,及于2018与2019年发展Anasuria油田,
原油价格每桶高于40美元,我们的运作仍处舒适阶段。因此现56美元公司维持净利向好.
在基本面转强与板塊转向油气股下将展现大红大紫的光采。展望未来在美元走弱下,
人民币国际化与走强趋势下,中国取得更多的商品定价权,石油人民币时代來了,大宗商品,石油,黄金将走强。
opec的减产至2018年3月並可能延长期限.
油价在未来6个月内有希望回到65美元/桶的水平。
長期会保持于70usd间.
有用的中文财经网:
https://wallstreetcn.com/
https://cn.investing.com/markets/
https://cn.investing.com/economic-calendar/


只是分享,投资请三思且自负

b)--网友hibisrock分享:谢谢他的功课,
Another way to look at 16,000bopd for 360days, 50% NS PSC, average cost $15/bbl, PSC split 15:85, that will be $5.5/bbl net to Hibiscus. Estimated 2017 NS PBT > 16,000x x 0.5 x 360 x 5.5 x 4.25 = RM67Mill to be captured as one time gain by early 2018.
为1-11-2017发(布油收56 usd),3-11-2017 收62 usd,

c)--网友MoneyNotEnough 分享:谢谢他的功课,
 Public Investment Bank Target Price
Brent Oil at USD55/bbl = RM1.06
Brent Oil at USD60/bbl = RM1.08

https://www.docdroid.net/Y3AdbRC/hibiscus.pdf

The reason why only increase by RM0.02 is because Sabah EOR is a 2C Contingent Resources. It need to be converted to 2P Reserves.

Once convert to 2P Reserves, the Target Price will go up to RM1.46 (base on USD60/bbl)

Those who want to understand what is contingent resources, can refer to link below.https://www.gljpc.com/sites/default/files/Understanding%20Contingent%2...



d)

国际油市:美国原油创两年高位,此前美国活跃钻机数下降

Reuters  | 2017年11月4日 04:00
* 美国原油和布兰特原油本周升3% 
* 全球需求不断增长支撑油价 
* 中东生产商上调给亚洲买家的售价 
* 委内瑞拉债务问题令石油投资者忧虑 
* 美国活跃钻机数减少8座,至729座-贝克休斯 

路透纽约11月3日 - 油价周五上涨,美国原油创两年高位,此前公布的美国活跃钻机数据显示,美国钻探活动会有所节制。 

最新发布的钻机数据支撑了全球供应过剩局面在好转的观点。本周油价得到提振,因数据显示全球需求上涨,且石油输出国组织(OPEC)和其它产油国可能会延长减产协议。 

美国原油 CLc1 收高1.10美元,或2%,报每桶55.64美元,为2015年7月以来最高。 

布兰特原油 LCOc1 收高1.45美元,或2.4%,报每桶62.07美元。较6月触及的年内低位上涨了约38%。 

本周两大合约均升逾3%。 

本周,美国能源公司减少八座活跃钻机,为2016年5月以来的最大降幅,延续了夏季以来价格跌穿每桶50美元后钻探活动下降的趋势。 

“市场仍然从延长减产协议,和需求强劲的预期获得支撑,”Tradition Energy市场研究董事Gene McGillian称。 
OPEC将於11月底开会讨论每日减产180万桶的协议到期后,将如何行动。 

中国大约每日进口原油900万桶,已超过美国成为全球最大原油进口国。 

现货石油价格也上涨。沙特阿美、阿联酋的ADNOC和卡塔尔Qatar Petroleum均提高了对亚洲买家的价格,沙特阿美的12月合约较阿曼和迪拜指标均价的溢价水平现在为三年来最高。 

交易员还关注OPEC成员国委内瑞拉及其国家石油公司PDVSA当前的金融困境可能带来的风险。(完) 
e)
http://mailchi.mp/oilprice/oilprice-intelligence-report-why-oil-prices-are-seeing-a-steep-correction-1521545?e=e84bce4ac9
f)

Russia, Saudi Arabia ready for more work to cut global oil inventory

TASHKENT/MOSCOW (Reuters) - Russia, Saudi Arabia, Uzbekistan and Kazakhstan are ready to do more work to reduce global oil inventories, the Russian energy ministry said in a statement on Saturday after a meeting of officials from the four countries.
Russia and Saudi Arabia are leading a deal between OPEC and non-OPEC producers to cut global oil production, with the aim of propping up oil prices.
“The states-participant signified satisfaction of reducing commercial stocks of oil and stated their readiness to continue (to make) join efforts towards such a direction”, the statement said.
OPEC, Russia and other oil producers are due to meet at the end of November in Vienna to decide whether to extend the current supply-cut pact.
According to the Russian Energy Ministry, the formerly Soviet state Turkmenistan will take part at the meeting as an observer.
Saudi Arabian oil minister Khalid al-Falih said after the meeting that more work was needed to cut inventories.
“There is a general satisfaction with the strategy of 24 countries that signed a declaration of cooperation”.
“Everybody recognizes that (the) job is not done yet by any means, we still have significant amount of work to do to bring inventories down. Mission is not yet complete, more needs to be done,” he added.
He said members of the global pact he had spoken with have expressed the same views.
“This is the same sentiment I’ve heard yesterday from (Kazakh) President (Nursultan) Nazarbayev, this is the same sentiment I’ve heard from all the oil-producing members of the Asia energy ministers’ round table”, he said.
Officials from Malaysia, Ecuador, Nigeria and Libya have also given him similar feedback, Falih said.
“All committed to working with other producers and supporting the agreement”, the Saudi oil minister added.
g)

BP Boosts The Bullish Case For Oil

rig
BP is buying back shares the company issued to cover its dividend payout amid the oil price crash. The news was widely seen as a clear indication that one of the world’s supermajors has successfully adjusted to the new price normal and is now settling in the business-as-usual rut once again.
Yet this is a new rut of strict cost controls, continuous efforts to keep lowering production costs, and working to mend the reputation stain left by the 2011 Deepwater Horizon disaster.
The combination of these factors, along with higher oil prices, of course, helped the company boost its third-quarter net profit substantially, and according to BP executives, the road ahead is clear and the direction is back to growth, with breakeven at $49 a barrel.
The breakeven price has become a metric that oil investors and analysts are watching like hawks. It didn’t matter when Brent sold for over $120 a barrel, but now that the profit margins have been squeezed so tightly, breakeven has come to the fore and BP is just one of many oil majors striving to bring it down as low as it can go.
The share buyback news pulled BP’s shares higher and with a good reason. The UK-based major became the first among its peers to start buying back shares as it feels confident enough with the current cash flows. This confidence means BP has enough cash on hand to fund dividend payments in full. Investors and analysts have traditionally watched the cash metric closely, as it caused much worry during the price downturn.
The obvious question: How sustainable is this sentiment? The answer is complex and involves factors such as technological progress, climate change measures, and global oil fundamentals—but one thing seems certain: The sustainable improvement in BP’s and other supermajors’ results will, to a large extent, hinge on refining operations.
BP’s third-quarter performance—a more than doubling of net profits to $1.9 billion—came largely on the back of an increase in downstream profits, which hit US$2.3 billion. To compare, upstream profits came in at $1.6 billion.Related: The Oil Company That Lost $800 Billion In Shareholder Value
Downstream operations have helped all the supermajors survive the price collapse, and it seems they will continue to provide strong support to the bottom line. Recently, Wood Mackenzie forecast that rising demand for petrochemicals will save integrated oil companies from a slump in financial performance, becoming the main driver for oil demand, to replace fuels.
Another recent paper reinforces this expectation. A report from Carbon Tracker suggests a quarter of refining capacity in the world will go under by 2035 if all the governments that have undertaken initiatives to slow down the rate of global warming to 2 degrees Celsius by that year stick to their promises.
Those who have complex refining operations, Carbon Trackers said, will survive thanks to the variety of products they market. Refiners of a simpler nature will be squeezed out of the market by consistently lower margins resulting from lower oil demand. That’s good news for the supermajors with their complex refining operations, and BP’s latest figures are just one more piece of evidence that they’re on the right track with cutting costs across operations and finding ways to strengthen refining margins further through efficiency boosts and new products.
By Irina Slav for Oilprice.com
More Top Reads From Oilprice.com:

h)沙特掀反腐风暴 油价升至两年高位 
比特币再创新高
2017-11-06 16:00
8
128271
摘要:11月4日晚间,沙特展开大规模反腐行动,11名王子、38名现任和前任大臣被捕。地缘政治风波蔓延到资本市场,周一早盘,美油逼近56美元,比特币触及7598美元,再创纪录新高。
*本文来自华尔街见闻(微信ID:wallstreetcn),作者陶旖洁。更多精彩资讯请登陆wallstreetcn.com,或下载华尔街见闻APP。*
16:00更新:新增欧洲交易时段原油期货行情。
在沙特反腐风暴的影响下,周一油市大涨。
11月6日,WTI原油期货小幅高开,最高触及55.97美元。欧洲市场开盘前,美油跳升涨破56美元,为2015年7月以来新高。

布油也在欧洲时段涨至62.68美元,日内涨约1%。

比特币交易所Bitfinex报价显示,比特币触及7598美元,再创纪录新高。

黄金表现平稳,现货黄金现报1269美元/盎司。

沙特是石油输出国组织OPEC核心成员,也是中东地区原油产量最高的国家,约占全球石油生产量的10.61%。
新华社报道,4日晚,沙特国王萨勒曼宣布成立以王储穆罕默德为主席的最高反腐委员会,严厉打击侵占国家利益的各种腐败行为和包括王室成员、政府高官在内的所有腐败人员。据当地电视台报道,4日晚,有11名王子、38名现任和前任大臣被捕。
11名王子中,包括沙特已故国王阿卜杜拉的儿子、前国民卫队司令米特阿卜和有“中东首富”之称的阿勒瓦利德等重量级王子。
沙特股市在周日开盘交易,沙特TASI指数当日开盘一度大跌1.73%,但随后在日内逐渐扭转跌势,收盘上涨0.32%。
有市场观点认为,沙特股指逐渐收回失地,有可能是政府入场支持。

(上图来自investing.com
被捕王子、沙特首富瓦利德王子掌管的Kingdom Holding公司,收跌7.59%。