BUZZ-Intertek, DCC: oil exposure no real disadvantage-AllianzGI

** With heavy oil & gas exposure amid stubbornly low crude prices, Intertek & DCC may appear bold stock picks -- but their link to oil lies with relatively stable volumes & AllianzGI has been buying shares in the pair

** Second dip in crude prices underway causing oil majors to slash capex once again a year after first price crash started & hurting oil services cos' prospects

** One of Intertek's businesses tests crude oil quality; better than feared H1 this wk spurred share price leap (biggest ever, trader flagged decent short interest), but some (e.g. Goldman, Jefferies) say too early to write off energy concerns

** Matthew Tillett, who runs Allianz UK Unconstrained fund, said recently there may be pricing pressure "at the margin", but Intertek more related to volumes & oil consumption up this yr vs last (added to ITRK holding in last 2 mths, has 2-5 yr view)

** Marcus Morris-Eyton, who helps run Allianz's Global Investors' European Equity Growth Select fund, has been buying shares in DCC (LSE: DCC.L - news) , Irish distribution company with focus on energy, on similar premise (in last months)

** PM flags fragmented end market -- on pan-European basis, DCC market leader yet has only 3% share; in core UK market, has c.18% share, PM reckons co could approach this level in Europe in coming yrs period amid industry consolidation (RM (LSE: RM.L - news) : tricia.wright1.thomsonreuters.com@reuters.net)