[ET Net News Agency, 8 February 2021] Daiwa Research lifted its target price for China
Oilfield Services (COSL) (02883) to HK$9.5 from HK$6.5 and maintained its "hold" rating.
The research house believes that COSL's workload for all four segments will stay at a
high level in 2021 similar to 2019-1H 2020, yet Daiwa is worried about the laggard
recovery of OFS (oilfield equipment and services) fees as admitted by COSL.
Based on data quoted by COSL, there were still 46% of jack-ups and 60% of semi-subs
sitting idly by the end-2020. With COSL's day rates largely referencing global averages,
which are still near their bottom, Daiwa believes it is highly unlikely for day rates to
return to 2019 levels in 2021 as some in the market may believe.
Daiwa lifted its 2020-21 EPS forecasts by 4.4-7.1% on a higher well services segmental
revenue and gross profit based on upward adjustment of 2021-22 CNOOC (00883) capex from
CNY85bn to CNY90bn. (KL)
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Super Quote | Detail Quote | Interactive Chart | Transaction | Related News | Related Securities | Company Information | Dividend Records | Short Sell
02883 CHINA OILFIELD
Nominal 
6.540 +0.160 (+2.508%) Research Report
08/02/2021 10:01
{I-bank focus}Daiwa lifts China Oilfield (02883) to HK$9.5
| Remark: | Real time quote last updated: 20/09/2024 12:27 |
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