初步观点：嘉实多资产剥离进展

May 19, 2025April 29, 2025April 29, 2025 Giacomo Romeo * | Equity Analyst44 (0) 20 7548 4727 | giacomo.romeo@jefferies.comKai Ye Loh, ACA, CFA * | Equity Associate+44 (0)20 7029 8278 (office) | kloh@jefferies.com Company DescriptionBP plcBP is an integrated oil company with Gas & Low Carbon, Oil Production & Operations, Customers & Products segments, which enable it produce,refine, and market energy products across the globe. After-tax earnings in 2024 were US$8.9bn, production was 2,358mmboe, and BP employedc.100,500 people.Company Valuation/RisksBP plcOur £3.90 price target is derived from the average of a DCF model and sum of the parts. Aside from commodity price volatility, key risks includethe company's exposure to Russia and its relatively high gearing. Execution of energy transition strategy is another key risk.Apollo Global Management, IncOur PT is supplemented by a 15-17x multiple on the relatively stable base net management fees and a discounted 7-9x multiple on the morevolatile net performance fees we expect in 2024. Downside risks include deteriorating investment performance across multiple strategies, limitedcapital raising ability, and/or inability to put existing capital to work. Upside risks include faster-than-forecast adoption / acceptance of relativelynew spread related earnings (SRE) and related multiple expansion.Reliance IndustriesOur Rs 1,660 price target is based on SOTP. Risks include elevated cash burn in e-commerce, lower refining and/or petrochemical margins, FCFdisappointment, and inadequate returns in new energy investments.Saudi AramcoOur SAR 31/sh PT is derived from the average of a DCF model and sum of the parts. Aside from commodity price volatility, key risks relate toKSA / OPEC imposed production levels, the KSA dominant shareholding position along with Aramco's importance in covering the KSA's budget,as well as the risk of regional conflicts that could affect the company's operations.Analyst Certification:I, Giacomo Romeo, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations orviews expressed in this research report.I, Kai Ye Loh, ACA, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies)and subject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendationsor views expressed in this research report.Registration of non-US analysts:Giacomo Romeo is employed by Jefferies International Limited, a non-US affiliate of Jefferies LLC and is not registered/qualified as a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore maynot be subject to the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held bya research analyst.Registration of non-US analysts:Kai Ye Loh, ACA, CFA is employed by Jefferies International Limited, a non-US affiliate of Jefferies LLC and is notregistered/qualified as a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and thereforemay not be subject to the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities heldby a research analyst.As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receivescompensation based in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate,but various regulations may prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports arepublished at irregular intervals as appropriate in the analyst's judgement.Investment Recommendation Record(Article 3(1)e and Article 7 of MAR)Recommendation PublishedRecommendation DistributedCompany Specific DisclosuresJefferies Financial Group Inc., its affiliates or subsidiaries make a market in the securities or ADRs of BP plc.Please see important disclosure information on pages 2 - 8 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. May 29, 2025 2:37 A.M.May 29, 2025 2:37 A.M.2 Jefferies Financial Group Inc., its affiliates or subsidiaries expect to receive or intend to seek compensation for investment banking services from ApolloGlobal Management, Inc within the next three months.Explanation of Jefferies RatingsBuy - Describes securities that we expect to provide a total return (price appreciation plus yield) of 15% or more within a 12-month per