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<Research>Macquarie Chops CHINA OILFIELD TP to $14.8 as 1Q Earnings Beat Consensus
Recommend 13 Positive 13 Negative 8 |
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CHINA OILFIELD (02883.HK)'s 1Q24 net profit rose 57% YoY to RMB636 million, beating the market's consensus of RMB500 million to RMB600 million, while revenue grew 20% YoY to RMB10 billion, Macquarie issued a research report saying. Macquarie lowered its 2024-2026 EPS forecasts for CHINA OILFIELD by 9.9%/ 4.9%/ 5.1% each to reflect the impact of the suspension of operations of 4 rigs in Saudi Arabia. Macquarie kept rating at Outperform, and chopped its target price by 11% to $14.8, in view of its modest valuation. Macquarie also believed that the Company's semi-submersible rig order will drive earnings growth in 2025. AAStocks Financial News |
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