WPL in the PB

CS thoughts today:

Woodside's capex cuts give it flexibility to grab assets that come up for sale as rivals scramble to protect balance sheets amid uncertainty over the coronavirus outbreak. Credit Suisse thinks Woodside could buy a suite of top-tier assets at prices below their net asset values. Opportunities could include stakes held by joint venture partners in Western Australia and Senegal. Also, there are discoveries in the Perth Basin that look attractive, while major companies may seek a buyer for some assets. Another scenario is a company, such as Oil Search, with a stretched balance sheet hunting for a white knight. "Any M&A could see capital management tweaks such as underwriting the dividend reinvestment plan in our view," Credit Suisse says. ([email protected]; @dwinningWSJ)