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02883 CHINA OILFIELD
RTNominal unchange9.100 0.000 (0.000%)
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01/11/2018 15:32

[I-bank focus]Citi lowers China Oilfield (02883) to HK$9.8

[ET Net News Agency, 1 November 2018] Citi Research lowered its target price for China
Oilfield Services (COSL)(02883) to HK$9.8 from HK$10, and maintained its "buy" rating.
The research house said COSL's 3Q net profit of Rmb98m was below its expectation. With
the expectation of CNOOC (00883) raising capex for next year, HSBC sees COSL's 3Q weakness
as a good buying opportunity.
HSBC believes COSL's day rate in 1H should have marked the bottom and further decline in
2H is unlikely given that the regional S.E Asia >300ft benchmark day rate has already
rebounded to US$69.5k in September from US$42.3k in March-June.
It trimmed its FY2018/19/20 earnings forecasts to Rmb9m/Rmb647m/Rmb1,036m from
Rmb362m/Rmb1,025m/Rmb1,240m by factoring in higher cost assumptions. (KL)

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