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1、NthAmericaEquityResearch17June2019EquityRatingsPriceTargetsMktCapPriceRatingPriceTargetCompanyTicker($mn)CCYPriceCurPrevCurEndDatePrevEndDateCheniereEnergyInc.LNGUS16790.20USD65.23OWnc86.00Dec19ncncCheniereEnergyPartners

2、L.P.CQPUS20386.08USD42.12Nnc46.00Dec19ncncKinderMganInc.KMIUS46442.26USD20.53Nnc23.00Dec1922.00ncMacquarieInfrastructureCpationMICUS3486.58USD40.55Nnc44.00Dec1943.00ncONEOKInc.OKEUS26606.04USD64.46OWnc78.00Dec1979.00ncPl

3、ainsGPHoldingsL.P.PAGPUS6760.13USD24.23OWnc32.00Dec19ncncPlainsAllAmericanPipelineL.P.PAAUS17522.81USD24.11OWnc32.00Dec19ncncTargaResourcesCp.TRGPUS8506.26USD36.59OWnc48.00Dec1952.00ncTheWilliamsCompaniesInc.WMBUS32698.0

4、9USD26.99OWnc34.00Dec19ncncEnbridgeIncENBCN69936.19CAD46.35Nnc53.00Dec1955.00ncGibsonEnergyInc.GEICN2479.91CAD22.90OWN27.00Dec1926.00ncInterPipelineLtd.IPLCN6079.97CAD19.85Nnc23.00Dec1925.00ncPembinaPipelineCpPPLCN18498.

5、84CAD48.34OWnc58.00Dec19ncncTCEnergyCpTRPCN45144.60CAD65.68OWnc75.00Dec1973.00ncIEnovaIENOVAMM6587.82MXN82.44OWnc98.00Dec1995.00ncSource:CompanydataBloombergJ.P.Mganestimates.nc=nochange.Allpricesasof14Jun19.NthAmericanE

6、nergyInfrastructureCCpsPMHbook:ResilientResultsFavPPLWMBPAGPEnergyMLPsJeremyToCFAAC(1212)6224915jeremy.b.to@BloombergJPMATOJ.P.MganSecuritiesLLClieWBarber(1212)6223301lie.w.barber@J.P.MganSecuritiesLLCJosephRMartoglio(12

7、12)6221741joseph.r.martoglio@J.P.MganSecuritiesLLCRahulKrotthapalli(1212)6222408rahul.krotthapalli@J.P.MganSecuritiesLLCVinayChitteti(9122)61573462vinay.chitteti@J.P.MganIndiaPrivateLimitedSeepage97fanalystcertificationi

8、mptantdisclosuresincludingnonUSanalystdisclosures.J.P.Mgandoesseekstodobusinesswithcompaniescoveredinitsresearchrepts.Asaresultinvestsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisr

9、ept.Investsshouldconsiderthisreptasonlyasinglefactinmakingtheirinvestmentdecision.DespiteinvesttrepidationoncapexcreepotherfearsCCpearningsprovedresilientwith54%beating30%meetingStreetestimatesmatchingthestrongshowingbyM

10、LPs.AssuchbetterthanexpectedresultscombinedwithgrowinghydrocarbonvolumesrenewedgeneralistinterestinC–Cppipelineslowerinterestrateshavemethanoffsetcommoditypriceswoespropellinga21%totalreturnftheAMNA(CCpMLPenergyinfrastru

11、ctureindex)4%versustheS(2)franchisepositionsattractingnewbusiness(3)footprintsleveredtoadvantagedbasins(4)financialflexibilitywhichprovidethestructuraladvantagestomaximizeleverageadjustedfreecashflowperunitvaluecreation.

12、Ffavitenameswehighlight4FfavitePembina(especiallyfinancialflexibilty)aswellascapitalefficientWMBPAA.FinallyalthoughspotLNGweaknesscontinuestoweighonChenieresentimentwebelievethedeleveragingstrategyupcomingcatalysts(CCL2e

13、arlyCCLStage3)willdriveupsideovertime.?CCpsoutperfmingMLPsin2019indexinclusionaclearadvantage.Aswenotedinour1Q19MLPHbookCCpscontinuetotopMLPsYTD(AMNA5%vstheAMZ).Mespecificallyaspreviouslynotedgeneralistinvestinterestcont

14、inuestoclearlyfavCCpsenergyinfrastructureoverMLPsespeciallythoseinlargeindiceswiththethreeSJPMcoverage3NthAmericaEquityResearch17June2019JeremyToCFA(1212)6224915jeremy.b.to@providingaheadersystemacrosstheTXcoast.Meoverth

15、epipelinereducesvolumetricriskontheBasinpipelineakeyconsiderationgiventheupcomingpipelinecompetition.AdditionallyPAAnotedpullthroughbenefitsonupstreampipelinesthatcoulddrivereturnsabovePAAsreturntargetsmakingthisanattrac

16、tiveprojectthatnotablyleveragesPAGP’sdominantPermianfranchiseinahighlycapitalefficientmanner.WhileRedOakstoodoutasthehighlightofthePAGPInvestDaywedidalsoleaveincrementallypositivethatlessonslearnedinthe201415downturnbett

17、erpositionPlainstohleasimilarpipelineoversupplysituationthatlikelymaterializestowardstheendof2019into2020.MeoverPAAhighlightedtheiradvantagedabilitytoprovideunmatchedintegratedsolutionswithlargescaleaggregationqualityseg

18、regationleadingflowassuranceendmarketsoptionality.FinallyPlainsreaffirmeditsfinancialguardrailsprovidedinAprilalthoughwebelievecodifyingalevelofbuybackstiedtoS&LearningspostregainingfullIGwouldbewelcomedbymostinvestsasas

19、trongcommitmenttocapitaldiscipline.?LNG:capitalallocationstrategymaximizesflexibilityreducingleveragereturningcapital.AttheirinvestdayCheniererecentlyoutlinedtheirnewcapitalallocationframewk.Withanexpectationtosource$9bn

20、ofavailablecashbetween20182024thecapitaldeploymenthierarchystartswithgrowth(SPL6CCLStage3)thenBSimprovements(IGtargetwithtohigh4xDEBITDA)thencapitalreturns($1bnbuyback).Basedonourconversationswebelievedthatinvestspreferr

21、edabuybackfocusoverdividendsduetoenhancedflexibilitythemarketreactionappearedtosubstantiatethatview.FurthermeChenierenowanticipates9TrainrunrateEBITDAof$5.2$5.6bnversusanimplied$5.0$5.5bnpreviouslyduetofurthertraincapaci

22、tyoptimization(now4.75.0mtpavs4.44.9mtpa).AdditionallyCEIannouncedaninnovative‘integratedproductionmanagement’contractstructurewherebythenatgassupplierApacheinthiscontractreceivesapricebasedoninternationalLNGindicesofliq

23、uefactionotherfeesasopposedtoHH.WebelievethenewIPMstructurecouldpavethewayffuturecommitmentsaidcommercialunderpinningsffuturetrains.?TRP:assetssalesadvancefundingefftsleveragesteadilydecliningtosub5.0x.TheC$1.15bnNtherCo

24、urierpartialdivesturerepresentsanothernoncesaleatattractiveeconomicsmuchbetterthanexpectedatalmost14x.Inlinewithourexpectationsthe~C$1.75bnof2019salesprovidesfundingfthegrowthbacklogwhilemaintainingceassetsprovidingaline

25、ofsightto5.0xleverage.DespitesignificantoutperfmanceYTDTRPpossessesthedeepestbacklog(exKXL)instreamcontinuestoexecuteonrelativelylowerriskattractiveprojectsonexistingsystems(NGTL).Furthermewithseveralcatalystsonthehizoni

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