报告名称：China Oilfield Services Alert(02883.HK)FY15： COSL enters into loss making territ
报告类型：港股研究
报告日期：2016-03-30
研究机构：德意志银行
股票名称：中海油服,中海油田服务
股票代码：601808,02883
页数：1
简介：NPAT of RMB1, 073m, down 86%yoy, implying COSL made losses in 4Q
Segment results: Margin contracted on pricing pressure & lower utilization
Outlook: Bad days are not over yet
What to do with the stock?
With broad-based E&P spending cut down, we don’t see any recovery inutilization and day rates. Hence we re-iterate SELL on COSL with TP ofHKD3.65/sh (based on 0.3x of 2016e PB). We may review our estimates andtarget prices after investor conference to be held on March 30 at IslandShangri-la Hong Kong.
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