SIMON BROWN: I’m chatting now with Kea Nonyana from ThinkMarkets. Kea, I appreciate the early morning. We chatted last month. I was asking you what you were backing for 2022. You said energy and in fact you picked Renergen – and so far so good.In fact, you and I and a bunch of others were down at the plant in Virginia a few weeks ago, and it’s looking quite real for that phase one.
When you look at demand, something that I figured out from [Renergen CEO] Stefano Marani in the six hours that we were with him, is the ability for any corporate to forecast demand. But what they can’t do is ramp up supply very quickly. We’ve seen with Renergen how long it has taken them to even get phase one up; but [if there’s] any problem in the supply, or just a few inputs not being able to be there, you push out production by three, four, five months.
SIMON BROWN: I agree with you, and I take your point as well. Something being delayed by three months, perhaps, in the big picture is nothing, but it does mean that tomorrow we don’t have what we need. So then how do we play it? We’ve talked Renergen. Locally, of course, there’s Sasol doing nicely. There’s the Standard Bank oil ETN , which tracks Brent.
KEA NONYANA: I’m purely looking at the chance for growth and I’m looking at relatively everything. I think the US energy companies have run a bit and the valuations are not looking attractive. But if you’re looking at Shell plc, you’re looking at Sinopec, you’re looking at earnings multiples lower than 10. Price earnings at Sinopec at the moment are 5.99 with a good return on equity and a reasonable price to book, which is at 0.54.
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