Energy & Utilities Roundup: Market Talk

The latest Market Talks covering Energy and Utilities. Published exclusively on Dow Jones Newswires at 4:20 ET, 12:20 ET and 16:50 ET. SK Innovation is likely to benefit from higher lubricant base oil prices, LS Securities analyst K.H. Chung says. The South Korean refiner is a global leader in premium lubricant base oils, producing about 80,000 barrels of Group III base oils a day, Chung writes in a note. She expects the supply shortage of lubricant base oils to persist for more than a year. Tight supply of kerosene and diesel and wider refining margins could also continue to boost the company's earnings, she adds. LS Securities upgrades the stock to buy from hold and raises its target price to 187,000 won from 126,000 won. Shares end 2.6% higher at 158,000 won.

YTL Power International could see upside from its expanding data-center and AI infrastructure, as well as renewed power-generation opportunities, says Hong Leong IB analyst Daniel Wong in a note. Its Kulai and Sedenak West hubs offer 2.4GW of potential data-center capacity, while its AI-GPU capacity could scale to 100MW or more and support a new services business. The procurement of seven gas turbines totaling 5.25GW also positions YTL for power-generation growth and supports its expanding data-center pipeline, he reckons. Higher water tariffs and planned treatment plants at its unit Ranhill Utilities should support earnings as Johor's water demand rises, he adds. Hong Leong raises its target price to 8.08 ringgit from 7.58 ringgit and keeps a buy rating. Shares are 1.4% higher at 5.62 ringgit.

Cenovus Energy is paying a fuller price for Athabasca Oil, but the cost of scaling up is likely worth it, according to TD Cowen's Menno Hulshof. In a report, the analyst says the company is paying a premium for growth, resource depth and synergy potential. He says that the deal consolidates scalable thermal resources around Cenovus' Christina Lake area operations, with around C$85 million in synergies identified, which CVE's upstream operating expertise could drive upside beyond. While the C$5.7 billion price tag is higher, Hulshof calls the cost inevitable given it is one of the last remaining thermal plays and arguably carries a scarcity premium.

最新市场回顾涵盖能源与公用事业领域，于道琼斯通讯社独家发布，发布时间为美国东部时间4:20、12:20和16:50。SK Innovation有望从更高的润滑油基础油价格中受益，LS证券分析师K.H. Chung表示。这家韩国炼油企业在高端润滑油基础油领域处于全球领先地位，每天生产约8万桶III类基础油，Chung在一份报告中指出。她预计润滑油基础油的供应短缺将持续一年以上。她还补充称，煤油和柴油供应紧张以及更宽的炼油利润率也可能继续提升公司收益。LS证券将该股票评级从“持有”上调至“买入”，并将目标价从126,000韩元上调至187,000韩元。股价最终上涨2.6%，收于158,000韩元。

YTL Power International在其不断扩张的数据中心和人工智能基础设施领域，以及重新启动的发电业务中可能看到上涨空间，恒隆银行分析师Daniel Wong在一份报告中指出。其位于古来和士都兰西的枢纽拥有2.4吉瓦的潜在数据中心容量，而其AI-GPU容量可扩展至100兆瓦或更多，并支持新的服务业务。采购七台总计5.25吉瓦的燃气轮机也使YTL在发电增长方面占据有利地位，并支持其不断扩张的数据中心管道，他认为。随着柔佛州用水需求上升，其子公司Ranhill Utilities的水费上涨和计划中的污水处理厂将支持收益，他补充道。恒隆银行将其目标价从7.58令吉上调至8.08令吉，并维持“买入”评级。股价上涨1.4%，收于5.62令吉。

Cenovus Energy正在为Athabasca Oil支付更高的价格，但根据TD Cowen分析师Menno Hulshof的说法，扩大规模的成本可能是值得的。在一份报告中，该分析师表示，公司正在为增长、资源深度和协同潜力支付溢价。他说，这笔交易将Cenovus在Christina Lake地区的可扩展热采资源进行整合，识别出约8500万加元的协同效应，CVE的上游运营专业知识可能带来额外的上涨空间。尽管57亿加元的价格标签较高，但Hulshof认为，鉴于这是最后剩下的热采项目之一，且显然具有稀缺性溢价，这一成本是不可避免的。

关键实体：公司：SK Innovation、LS Securities、YTL Power International、恒隆银行、Ranhill Utilities、Cenovus Energy、Athabasca Oil、TD Cowen、Sparta Commodities、MEG Energy | 人物：K.H. Chung、Daniel Wong、Menno Hulshof、Aaron Kildow | 地点：韩国、柔佛州、阿尔伯塔省、加拿大

FAQ Q: SK Innovation在III类基础油方面的生产能力是多少？

FAQ A: SK Innovation是高端润滑油基础油领域的全球领导者，每天生产约8万桶III类基础油。