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02883 CHINA OILFIELD
RTNominal down8.790 -0.110 (-1.236%)
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12/02/2018 17:57

[I-bank focus]HSBC lifts China Oilfield (02883) to HK$7.5

[ET Net News Agency, 12 February 2018] HSBC Global Research lifted its target price for
China Oilfield Services (COSL)(02883) to HK$7.5 from HK$6.9, and maintained its "hold"
rating as it thinks COSL is closer to an operating performance pivot.
The research house said COSL's work volume is likely to increase, given COSL's largest
customer CNOOC has a 15% higher y-o-y capex budget (RMB70-80bn for 2018). Rig fleet
contract status improved versus 2017 strategy day, but six rigs remain in limbo.
HSBC cut its earnings forecasts by 66%/30%/7% in 2017-2019e to reflect the (1) profit
alert; (2) latest FX forecast; and (3) increased financing costs and normalized tax rate.
(KL)

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