AEJ energy/material/healthcare analyst, Troika Advisory

Kenneth Whee

AEJ energy/material/healthcare analyst

Troika Advisory

Equity Bottom-Up

Structural gain at its margin/return post mega capex, upside risk to dividend We recently met with the management of S-Oil and learned the company is near the end of its own mega capex cycle that began in 2015. This, coupled with our constructive view toward Asia refining cycle through 2020, should produce significant upside to its earnings power over the cycle, given higher complexity/adaptability (critical for long-term success beyond 2020 amid the implementation of IMO 2020). Such being the…

Structural gain at its margin/return post mega capex, upside risk to dividend We recently met with the management of S-Oil and learned the company is near the end of its own mega capex cycle that began in 2015. This, coupled with our constructive view toward Asia refining cycle through 2020, should produce significant upside to its earnings power over the cycle, given higher complexity/adaptability (critical for long-term success beyond 2020 amid the implementation of IMO 2020). Such being the…

S Oil Corp

S-Oil: "Straw Hats in the Winter?"