汇丰银行-全球-石油与天然气行业-全球整装油：投资回报期-2018.2.15-41页

Disclosures&DisclaimerThisreportmustbereadwiththedisclosuresandtheanalystcertificationsintheDisclosureappendix,andwiththeDisclaimer,whichformspartofit.Issuerofreport:HSBCBankplcViewHSBCGlobalResearchat:https://www.research.hsbc.comMiFIDII–ResearchIsyouraccessagreed?CONTACTustoday??????SectorappearsmispricedonyieldrelativegivenitsFCFoutlook?Highercashdistributionsshoulddriveare-rating?Buy-ratedstocks:BP,ENI,TOT;targetpricescut6%onavgtoreflecttheimpactoflowermarketmultiplesonvaluationsScripdividenddilutionhasstopped.Freecashbreakevensarefallingtothemid-USD50s/b.Nextstopisbalancesheetde-leveraging,thenincreasedcashpayouts.Cashflowsetforstronggrowth:Disappointing4Qcashflowfromseveralcompaniesseemslargelydowntotemporaryfactors,andwestillexpectsectorcashflowgrowthof24%in2018eatUSD65/bBrent,takingthe