Stock 2883 CHINA OILFIELD SERVICES LIMITED
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Financials China Oilfield Services Limited

Equities

2883

CNE1000002P4

Oil & Gas Drilling

Market Closed - Hong Kong S.E.
Other stock markets
 04:08:39 2024-05-28 am EDT 		5-day change 1st Jan Change
8.67 HKD -1.48% Intraday chart for China Oilfield Services Limited -5.76% +8.65%
Apr. 26 China Oilfield Services' Q1 Profit Rises 57% on Higher Revenue MT
Apr. 25 Transcript : China Oilfield Services Limited, Q1 2024 Earnings Call, Apr 25, 2024

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 76,603 47,787 54,494 64,188 56,475 68,716 - -
Enterprise Value (EV) 1 89,747 66,639 72,256 81,716 70,816 83,097 81,269 73,522
P/E ratio 20.8 x 9.75 x 84.8 x - 11.5 x 10.1 x 7.88 x 6.72 x
Yield 1.47% 3.08% 2.7% - - 2.95% 3.81% 4.67%
Capitalization / Revenue 2.46 x 1.65 x 1.87 x 1.8 x 1.28 x 1.37 x 1.27 x 1.26 x
EV / Revenue 2.88 x 2.3 x 2.47 x 2.29 x 1.61 x 1.66 x 1.5 x 1.35 x
EV / EBITDA 11.5 x 7.44 x 13.4 x 10.9 x 7.01 x 7.53 x 6.27 x 5.24 x
EV / FCF 26.6 x 19.8 x 19.6 x 29.3 x 19 x 41.7 x 20.2 x 14.3 x
FCF Yield 3.77% 5.06% 5.11% 3.41% 5.26% 2.4% 4.95% 6.97%
Price to Book 1.42 x 0.68 x 0.7 x - - 0.85 x 0.78 x 0.71 x
Nbr of stocks (in thousands) 4,771,592 4,771,592 4,771,592 4,771,592 4,771,592 4,771,592 - -
Reference price 2 10.92 5.521 5.565 8.381 7.253 8.044 8.044 8.044
Announcement Date 3/25/20 3/24/21 3/24/22 3/23/23 3/26/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 31,135 28,925 29,203 35,659 44,109 50,038 54,132 54,541
EBITDA 1 7,823 8,958 5,387 7,489 10,107 11,032 12,966 14,028
EBIT 1 3,447 4,142 879.7 2,723 4,855 5,453 6,843 7,832
Operating Margin 11.07% 14.32% 3.01% 7.64% 11.01% 10.9% 12.64% 14.36%
Earnings before Tax (EBT) 1 3,472 3,379 1,090 2,981 4,243 5,300 6,731 7,727
Net income 1 2,502 2,703 313.2 2,353 3,013 3,870 4,966 5,900
Net margin 8.04% 9.35% 1.07% 6.6% 6.83% 7.73% 9.17% 10.82%
EPS 2 0.5244 0.5665 0.0656 - 0.6315 0.7936 1.020 1.197
Free Cash Flow 1 3,380 3,371 3,695 2,790 3,724 1,993 4,022 5,127
FCF margin 10.86% 11.66% 12.65% 7.83% 8.44% 3.98% 7.43% 9.4%
FCF Conversion (EBITDA) 43.2% 37.64% 68.59% 37.26% 36.84% 18.07% 31.02% 36.55%
FCF Conversion (Net income) 135.07% 124.72% 1,179.75% 118.6% 123.58% 51.5% 80.99% 86.89%
Dividend per Share 2 0.1600 0.1700 0.1500 - - 0.2371 0.3063 0.3759
Announcement Date 3/25/20 3/24/21 3/24/22 3/23/23 3/26/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2019 S2 2020 S1 2020 S2 2021 Q4 2022 Q1 2022 Q2 2022 S1 2022 Q3 2023 Q1 2023 Q2 2023 S1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2
Net sales 17,572 14,674 14,448 9,321 - - - - - - - - - - - -
EBITDA - - - - - - - - - - - - - - - -
EBIT 2,044 1,997 1,176 -1,129 - - - - - - - - - - - -
Operating Margin 11.63% 13.61% 8.14% -12.11% - - - - - - - - - - - -
Earnings before Tax (EBT) 2,090 2,091 1,288 -913.5 - - - - - - - - - - - -
Net income 1,529 1,714 989 -1,139 - 798.7 1,103 - - 1,035 1,339 - - - - -
Net margin 8.7% 11.68% 6.85% -12.22% - - - - - - - - - - - -
EPS 1 - 0.3593 - - 0.0637 0.1700 - 0.2000 0.0847 0.1959 0.2806 0.2100 0.1600 0.0200 0.8200 0.2900
Dividend per Share - - - - - - - - - - - - - - - -
Announcement Date 3/25/20 8/26/20 3/24/21 3/24/22 4/28/22 8/25/22 8/25/22 10/27/22 4/27/23 8/23/23 8/23/23 - - - - -
1CNY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 13,144 18,852 17,762 17,529 14,340 14,381 12,553 4,806
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 1.59 x 2.104 x 3.298 x 2.341 x 1.419 x 1.304 x 0.9682 x 0.3426 x
Free Cash Flow 1 3,380 3,371 3,695 2,790 3,724 1,993 4,022 5,126
ROE (net income / shareholders' equity) 7.06% 7.2% 2.37% 6.09% 7.45% 8.82% 10.5% 11.3%
ROA (Net income/ Total Assets) 3.26% 3.56% 1.22% 3.13% 3.76% 4.53% 4.92% 5.33%
Assets 1 76,756 76,022 25,748 75,248 80,204 85,368 100,833 110,633
Book Value Per Share 2 7.700 8.070 7.970 - - 9.450 10.30 11.30
Cash Flow per Share 2 1.460 1.580 1.550 - - 1.610 2.090 2.360
Capex 1 3,002 4,174 3,729 4,110 9,372 6,104 5,015 5,247
Capex / Sales 9.64% 14.43% 12.77% 11.52% 21.25% 12.2% 9.27% 9.62%
Announcement Date 3/25/20 3/24/21 3/24/22 3/23/23 3/26/24 - - -
1CNY in Million2CNY
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for China Oilfield Services Limited

Trading Rating
Investor Rating
ESG Refinitiv
B-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
13
Last Close Price
8.044 CNY
Average target price
10.08 CNY
Spread / Average Target
+25.25%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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