Australia's Viva Energy gains on oil price jump; brokerages mixed on forecast

Waypoint REIT

14/07/2023 06:14

(Updates with share moves and Morgan Stanley, Jefferies
comments)
    ** Shares of Viva Energy  VEA.AX  up 3.4% at A$3.02, amid
gains in energy stocks  .AXEJ  and a day after issuing its H1
trading update
    ** Viva forecast energy and infrastructure unit's H1 EBITDA
of A$20, which, given Q1 EBITDA was A$97 mln, implies "material"
losses in Q2, says Jefferies
    ** Macquarie estimates weak Q2 results at Geelong refinery
due to platformer unit outage 
    ** Macquarie expects Viva to post losses, net of insurance
recoveries, in July and August (first 2 months of Q3)
    ** But, Morgan Stanley notes signs of H2 earnings recovery
on higher retail, commercial fuel sales and refinery's repairs
    ** Macquarie keeps keep PT A$3.40 and MS raises to A$3.20
    ** VEA up 10.4% YTD, while energy index has gained ~2%

 (Reporting by Navya Mittal and Roushni Nair in Bengaluru)
 ((Roushni.Nair@thomsonreuters.com;))