Stock 2883 CHINA OILFIELD SERVICES LIMITED
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Financials China Oilfield Services Limited

Equities

2883

CNE1000002P4

Oil & Gas Drilling

Delayed Hong Kong S.E.
Other stock markets
 22:19:53 2024-07-04 EDT 		5-day change 1st Jan Change
7.27 HKD -1.62% Intraday chart for China Oilfield Services Limited -3.20% -9.02%
06-19 China Oilfield Services Appoints CFO MT
06-18 China Oilfield Services' CFO Steps Down; Successor Named MT

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 76,603 47,787 54,494 64,188 56,475 60,923 - -
Enterprise Value (EV) 1 89,747 66,639 72,256 81,716 70,816 68,761 69,987 56,727
P/E ratio 20.8 x 9.75 x 84.8 x - 11.5 x 8.43 x 6.85 x 5.81 x
Yield 1.47% 3.08% 2.7% - 2.9% 3.58% 4.35% 5.38%
Capitalization / Revenue 2.46 x 1.65 x 1.87 x 1.8 x 1.28 x 1.23 x 1.13 x 0.98 x
EV / Revenue 2.88 x 2.3 x 2.47 x 2.29 x 1.61 x 1.39 x 1.29 x 0.92 x
EV / EBITDA 11.5 x 7.44 x 13.4 x 10.9 x 7.48 x 6.18 x 5.57 x 4.08 x
EV / FCF 26.6 x 19.8 x 19.6 x 29.3 x 19 x 34.5 x 17.4 x 11.1 x
FCF Yield 3.77% 5.06% 5.11% 3.41% 5.26% 2.9% 5.75% 9.04%
Price to Book 1.42 x 0.68 x 0.7 x - 0.83 x 0.72 x 0.67 x 0.61 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 6.880 6.880 6.880
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 49,417 54,132 61,990
EBITDA 1 7,823 8,958 5,387 7,489 9,462 11,122 12,557 13,921
EBIT 1 3,447 4,142 879.7 2,723 4,262 5,635 6,739 7,745
Operating Margin 11.07% 14.32% 3.01% 7.64% 9.66% 11.4% 12.45% 12.49%
Earnings before Tax (EBT) 1 3,472 3,379 1,090 2,981 4,243 5,269 6,575 7,639
Net income 1 2,502 2,703 313.2 2,353 3,013 3,890 4,790 5,645
Net margin 8.04% 9.35% 1.07% 6.6% 6.83% 7.87% 8.85% 9.11%
EPS 2 0.5244 0.5665 0.0656 - 0.6315 0.8158 1.004 1.184
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% 4.03% 7.43% 8.27%
FCF Conversion (EBITDA) 43.2% 37.64% 68.59% 37.26% 39.35% 17.92% 32.03% 36.83%
FCF Conversion (Net income) 135.07% 124.72% 1,179.75% 118.6% 123.58% 51.24% 83.96% 90.82%
Dividend per Share 2 0.1600 0.1700 0.1500 - 0.2100 0.2460 0.2996 0.3699
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 2023 Q4 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 0.1515 0.1900 0.1400 0.0200 0.7200 0.2500
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 3/26/24 - - - - -
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 7,837 9,064 -
Net Cash position 1 - - - - - - - 4,196
Leverage (Debt/EBITDA) 1.59 x 2.104 x 3.298 x 2.341 x 1.516 x 0.7047 x 0.7218 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% 8.86% 10.2% 10.9%
ROA (Net income/ Total Assets) 3.26% 3.56% 1.22% 3.13% 3.76% 4.46% 4.92% 5.35%
Assets 1 76,756 76,022 25,748 75,248 80,204 87,296 97,260 105,519
Book Value Per Share 2 7.700 8.070 7.970 - 8.730 9.490 10.30 11.20
Cash Flow per Share 2 1.460 1.580 1.550 - 2.740 1.610 2.090 2.360
Capex 1 3,002 4,174 3,729 4,110 9,372 6,104 5,620 5,247
Capex / Sales 9.64% 14.43% 12.77% 11.52% 21.25% 12.35% 10.38% 8.46%
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
6.88 CNY
Average target price
9.977 CNY
Spread / Average Target
+45.02%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Other Oil & Gas Drilling
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