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<Research>BOCI Trims CHINA OILFIELD (02883.HK) TP to $9.53; 1Q Earnings Not Good Enough
Recommend 5 Positive 7 Negative 4 |
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BOCI noted in a report that CHINA OILFIELD (02883.HK)'s 1Q net profit surged 57% YoY to RMB636 million, but only reached 15% of the broker's full-year projected target. In addition, the number of operating days for the company's rigs surprisingly fell by 3% YoY, suggesting that some of its rigs were still idle, or at least not fully operational, despite an improving market. The operation suspension of the four rigs in the Middle East in 2Q may affect the group's QoQ growth for the rest of the year. While the broker believed CHINA OILFIELD could make progress in developing overseas markets, it remained cautious about the company's near-term earnings. BOCI lowered its profit forecast for 2024-26 on CHINA OILFIELD by 5-15% and trimmed its target price from $9.69 to $9.53, maintaining a Hold rating. AAStocks Financial News |
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