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《大行報告》花旗:中海油服(02883.HK)季績符預期 維持「買入」看10元
花旗發表報告表示,中海油服(02883.HK)首季淨利潤按年增長68%至3.04億元人民幣,符合預期,鑽井及油井服務工作量增加,推動總收入增長逾15%。 該行指,公司期內在內地市場工作量增加,帶動自升式鑽井平台利用率較去年同期顯著上升,達到89.4%。而半潛式鑽井平台利用率則持續疲軟,按年下跌2.2個百分點至66.1%,不過由於北海及中東地區的新訂單將在第二季啟動,公司管理層對利用率提升有信心。 花旗預計,隨著海外市場開發力度的加大,預計油井服務增長勢頭將持續,預料今年第二及第三盈利將分別增長至8億至9億元人民幣,維持「買入」評級。由於首季盈利運行率僅為10%,市場普遍對中海油服有下調預測的預期,但花旗相信隨著國內外市場工作量回升,第二季盈利將有所改善,予目標價10元,此相當預測今年市賬率1倍。
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