[ET Net News Agency, 31 October 2019] Citi Research raised its target price for China
Oilfield Services (COSL)(02883) to HK$13 from HK$10.7 and maintained its "buy" rating.
The research house said COSL's 3Q net profit came in at Rmb1.1bn, ahead of Citi's
expectation of Rmb900m. The strong result was mainly driven by higher rig utilization and
solid growth in well services revenue and margin expansion.
Citi said that market consensus will inevitably have to be raised further as the 9-month
net profit of Rmb2.1bn has already exceeded a full-year market consensus of just Rmb1.8bn.
(KL)