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CICC: Maintains 'Outperform' rating on China Oilfield Services, target price lowered to 8.6 Hong Kong dollars.
CICC released a research report stating that it maintains a "outperform" rating on China Oilfield Services (02883), considering that China Oilfield has signed new contracts for two idle platforms, the oil technology sector is expected to have rapid profit growth in the next two years, and the future asset-liability ratio is basically stable. Therefore, the profit forecast for the next two years has been respectively lowered by 18% and 15% to 3 billion yuan and 3.7 billion yuan. The target price has been lowered by 18% to HK$8.6. The company's revenue and net profit in the first half of the year both increased by 19% year-on-year, meeting expectations. Among them, revenue in the second quarter increased by 19% year-on-year, and net profit increased by 2% year-on-year.
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