Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

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Thematic (Sector/Industry)

<ul><li>The precipitous slide in oil prices since fall 2014 has eroded the financial health of most exploration and production, or E&amp;P, firms.</li><li>Natural gas has been no safe haven either, with prices entrenched near 10- year lows.</li><li>Near-term fundamentals remain challenged for both commodities, and investors should be prepared for weak pricing to persist for much if not all of 2016&ndash;17.</li><li>As a result, many operators&mdash;who outspend cash flows even during the best of times&mdash;are currently hemorrhaging cash and seeing leverage rise to uncomfortable levels.</li><li>Investors are right to be concerned about whether the upstream space has the financial wherewithal to endure this sustained period of low oil and natural prices, and which firms might be casualties of such an environment.</li><li>Having analyzed the balance sheets, cost structures, and operations of our E&amp;P coverage list, we found that in the vast majority of cases, the E&amp;P firms we cover are well-equipped to cope with multiple years of low prices.</li><li>That's partly due to cost deflation and efficiency gains but most critically from the prompt utilization of capital markets earlier this year to prop up liquidity reserves.</li><li>To be sure, even within our coverage there exists a handful of firms that entered the downturn with too much leverage and hold lower quality assets&mdash;these are the few that may not emerge from the current environment unscathed.</li><li>But as a group, our E&amp;P universe seems more financially sound than headlines and investor sentiment might otherwise suggest.</li></ul>Analysts: David Meats, Mark Hanson CFA, Stephen Simko CFA, Brandon Hurst.Full report below the fold....

The precipitous slide in oil prices since fall 2014 has eroded the financial health of most exploration and production, or E&amp;P, firms.Natural gas has been no safe haven either, with prices entrenched near 10- year lows.Near-term fundamentals remain challenged for both commodities, and investors should be prepared for weak pricing to persist for much if not all of 2016&ndash;17.As a result, many operators&mdash;who outspend cash flows even during the best of times&mdash;are currently hemorrhaging cash and seeing leverage rise to uncomfortable levels.Investors are right to be concerned about whether the upstream space has the financial wherewithal to endure this sustained period of low oil and natural prices, and which firms might be casualties of such an environment.Having analyzed the balance sheets, cost structures, and operations of our E&amp;P coverage list, we found that in the vast majority of cases, the E&amp;P firms we cover are well-equipped to cope with multiple years of low prices.That's partly due to cost deflation and efficiency gains but most critically from the prompt utilization of capital markets earlier this year to prop up liquidity reserves.To be sure, even within our coverage there exists a handful of firms that entered the downturn with too much leverage and hold lower quality assets&mdash;these are the few that may not emerge from the current environment unscathed.But as a group, our E&amp;P universe seems more financially sound than headlines and investor sentiment might otherwise suggest.Analysts: David Meats, Mark Hanson CFA, Stephen Simko CFA, Brandon Hurst.Full report below the fold....

E&P Financial Health: Better Than You Think. Liquidity Reserves Will See Most Firms Through Downturn

Ex-Buyside Principal, now doing Independent Secondary Research on Indian Equities

Pawan Sachdeva

In preparing this insight, I have tried to compare ACC (as an Indian Cement Sector Proxy) to Holcim and Anhui Conch. &nbsp;<div><ul><li>I discuss Long Term trends of cement pricing in India, environmental issues and relative cost structures.&nbsp; </li><li>I believe that this work might aid fund managers / analysts in deriving a better view on the cement sector.&nbsp; </li><li>Cement Company Managements can also use this as an analysis framework to benchmark their own performance.&nbsp; </li><li>Lastly, I also try to raise thoughts on whether 2015-2020 is like 2003-2008 for the Indian stock market.&nbsp;</li></ul><blockquote>My work examines publicly available data spanning 15 years, going back to 1999.&nbsp;</blockquote></div>

In preparing this insight, I have tried to compare ACC (as an Indian Cement Sector Proxy) to Holcim and Anhui Conch. &nbsp;I discuss Long Term trends of cement pricing in India, environmental issues and relative cost structures.&nbsp; I believe that this work might aid fund managers / analysts in deriving a better view on the cement sector.&nbsp; Cement Company Managements can also use this as an analysis framework to benchmark their own performance.&nbsp; Lastly, I also try to raise thoughts on whether 2015-2020 is like 2003-2008 for the Indian stock market.&nbsp;My work examines publicly available data spanning 15 years, going back to 1999.&nbsp;

ACC, Holcim & Anhui Conch: A Cross-Country Benchmarking Study of Cement Sector Leaders

China

China Hongqiao Group Ltd. manufactures aluminum products. The Company's aluminum products consist of molten aluminum alloy, aluminum alloy ingots and aluminum busbars.

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China Hongqiao (1378 HK)

E&P Financial Health: Better Than You Think. Liquidity Reserves Will See Most Firms Through Downturn

The precipitous slide in oil prices since fall 2014 has eroded the financial health of most exploration and production, or E&P, firms. Natural...

Morningstar, Inc.

ACC, Holcim & Anhui Conch: A Cross-Country Benchmarking Study of Cement Sector Leaders

In preparing this insight, I have tried to compare ACC (as an Indian Cement Sector Proxy) to Holcim and Anhui Conch. I discuss Long Term trends...

Pawan Sachdeva

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