花旗发布研报称,中海油田服务(02883)钻井业务去年下半年陷困境,受到强烈台风中断营运影响,挪威一处设施大修亦增加费用,造成损失。但公司去年钻井业务收入仍同比增长9%,即使去年曾暂停沙特阿美工作。该行下调对公司今明两年盈利预测21%及24%,反映钻井及井下服务利润率预测被下调,目标价由10.7港元降至9.5港元,相当于预测市账率0.9倍,维持“买入”评级。
报告指,在井下服务方面,管理层对进一步提高利润率持乐观态度,受惠于对高温高压设备的投资以及海外资本支出的扩大。该行指,中海油服优先考虑海外增长,同时保持其在国内市场领先地位。中海油服赢得泰国一座钻井平台投标,打破西方顶尖油服公司垄断。公司相信随着时间推移,将有更多发展机会和突破。
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